WASHINGTON, D.C. – Today, in a House Financial Services Committee hearing entitled “The Inflation Equation: Corporate Profiteering, Supply Chain Bottlenecks, and COVID-19,” Congressman Blaine Luetkemeyer (MO-03) discussed the urgent need to lower inflation by reducing regulations on businesses and workers, the disproportionate effect inflation has on low to moderate income consumers, and the need for the Administration to take appropriate action to ease the economic burden on American families.

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Luetkemeyer: “President Biden had one accomplishment last year, and that was the approximately 300 new regulations on businesses and workers. The cost of these regulations total about $201 billion… This is three times the regulatory cost imposed by the Obama Administration and 40 times the cost imposed by President Trump in their first years in office respectively… How do these regulatory burdens impact inflation and the price of goods, their businesses’ ability to hire workers and their ability to have more resources to actually focus on their businesses?”

Goodspeed: “These regulatory changes, at the end of the day, increase costs – they increase compliance costs, compliance costs incur opportunity costs because workers [who are] working on compliance aren’t working on more productive activities…”