Thus, the new legislation will result in new compliance burdens for community banks and a new regulator looking over their shoulders.

"This seemingly simple change will have far-reaching effects on thousands of small businesses by reducing compliance burdens," Senator Bond said.

Coordination is also important to avoid overlapping or conflicting regulations that may create inefficiencies or unnecessary compliance burdens within the financial industry.

The Commission stated that it also solicited comments on the compliance burdens associated with the proposals but received no public comment in response.

"We are very mindful of the compliance burden on taxpayers who do follow the law."

The estate tax has also been found to impose a large compliance burden on the U.S. economy.

Unfortunately, onerous federal regulations dampen both innovation and access to capital because of the restrictions and compliance burden they place on these enterprises.

We have already lifted the compliance burden, for example by announcing an end to Comprehensive Area Assessment.

"Without a doubt, the only meaningful way to reduce these compliance burdens" on taxpayers, Ms. Olson wrote, "is to simplify the tax code enormously."

The amendment does not create any additional compliance burdens for competent authorities since the responsibility to demonstrate compliance rests exclusively with food business operators.