WASHINGTON, D.C. – Today, Congressman Brad Finstad (MN-01) released a statement after the House Small Business Committee marked up and passed H.R. 7198, the Prove It Act of 2024, bipartisan legislation that was introduced by Congressman Finstad, Congresswoman Yadira Caraveo (CO-08), and Congressman Nathaniel Moran (TX-01).

“I have heard from entrepreneurs and small business owners around southern Minnesota about the unprecedented challenges they are facing due to burdensome federal regulations,” said Rep. Finstad. “The Prove It Act would give hard-working American small business owners a voice in the process by preventing future executive overreach and requiring government agencies to assess the impact that proposed regulations would have on the business community.  I thank my colleagues in the House Small Business Committee for supporting this bipartisan legislation, and I look forward to its consideration on the House Floor.”

Background:

In February 2024, Congressman Brad Finstad (MN-01), Congresswoman Yadira Caraveo (CO-08), and Congressman Nathaniel Moran (TX-01) introduced the bipartisan Prove It Act, which would strengthen protections for small businesses that were established through the Regulatory Flexibility Act. Senator Joni Ernst (R-IA) introduced the companion legislation in the U.S. Senate.

The Prove It Act was marked up and passed by the House Judiciary Committee in March 2024.

The Prove It Act is supported by Greater Mankato Growth, Rochester Area Chamber of Commerce, Job Creators Network, U.S. Chamber of Commerce, National, Federation of Independent Business, Independent Community Bankers Association, National Association of Insurance and Financial Advisors, National Small Business Association, International Franchise Association, Americans for Prosperity, Heritage Action for America, Owner-Operator Independent Drivers Association, Americans for Tax Reform, National Funeral Directors Association, Associated Equipment Distributors, National Sand, Stone, and Gravel Association, American Farm Bureau Federation, National Cattlemen’s Beef Association, American Chemistry Council, National Association of Realtors, National Association of Manufacturers, American Bakers Association, American Craft Spirits Association, American Exploration & Mining Association, American Hotel & Lodging Association, American Road & Transportation Builders Association, Associated General Contractors, American Bankers Association, Energy Workforce & Technology Council, National Pork Producers Council, USA Rice, National Mining Association, The Meat Institute, National Propane Gas Association, National Retail Federation, among others