Fighting to Cut Red Tape; From Community Banker to Lawmaker

As a retired community banker of 41 years, I understand the frustrations felt by many Ohio business owners as they work to comply with unnecessary regulations. In fact, a high percentage of my staff was dedicated to fulfilling the many regulations imposed on the bank, which in turn took away from time that could have – and should have – been spent taking care of customers and building the economies of our communities.

One day, at the peak of my frustration, I sat down with a pen and paper and listed every regulator our bank had. The criteria were easy. If an institution required us to collect data, issue a report or conduct an examination in the bank, they were a regulator. That day, I listed 36 regulatory agencies – for one small, community bank – that occupied my time, as well as my staff’s time, to comply with burdensome restrictions at the detriment of working with and serving our customers.

Unnecessary red tape and overregulation stifles the potential of small businesses, job creation and economic growth – and Ohio is one of the worst offenders. The Mercatus Center at George Mason University recently completed a study on the regulatory environments of 22 states as part of its ongoing “State RegData” project. Their research concluded that with a total of more than 246,000 regulatory restrictions, Ohio is one of the most heavily regulated states they have analyzed, trailing only New York and Illinois, and far surpassing our neighboring states of Michigan, Pennsylvania, Kentucky and West Virginia.

These statistics are simply unacceptable. As a state, we can and must do better to provide a business-friendly environment that prioritizes growth, increased productivity and job creation. Having advocated for change at the congressional level in my role as a community banker, I would be remiss to ignore the issue now that I am in a position to enact the necessary legislative changes. That is why I am proud to join my colleagues in an effort to eliminate red tape by making sure any rules or regulations created by our state government have a specific purpose and intent to Ohioans and do not create needless barriers to growth and opportunity.

Specific provisions of the bill will require a 10 percent reduction of regulatory restrictions each year for three years by Ohio’s state agencies. If the agencies are unable to meet the 30 percent requirement, a "2-for-1" strategy would be implemented where two regulations must be eliminated for each new regulation created. Additionally, the Joint Committee on Agency Rule Review would be required to release an annual report to inventory current and new restrictions across the state.

For too long, Ohio businesses have suffered at the hand of overly burdensome regulations, and I am confident that this effort will lead to a stronger business climate in our state.