U.S. Chamber of Commerce Institute for Legal Reform reposted this
Excellent panel! I was able to highlight the fact that small businesses in America, which are essential contributors to innovation, economic growth, and national competitiveness, face too many lawsuits and pay a very high price for that. A 2022 study published by my organization, the U.S. Chamber of Commerce Institute for Legal Reform, found that while small businesses accounted for about 20% of the business revenues earned in 2021, they bore 48% of the costs of the commercial tort system. While cutting red tape is essential to promote economic growth, taming the lawsuit industry is equally critical for small businesses. At a time when European officials are increasingly introducing private rights of action, class action and other U.S.-style litigation features in their national laws, they should consider the heavy burden they are putting on European small businesses.
This week we are in 📍Washington DC 🇺🇸 at the #IDUForum2024. Starting the day with our SME-focused Lunch Discussion at the Capitoll Hill Club. Small businesses represent the majority of enterprises and employment. How are fast-changing economic, political, and market conditions affecting small business owners? What trends should they watch, and what policies can help them succeed? We'll be looking into that with industry experts and policymakers. Jörgen Warborn, Randy Hoback, Scevole de Cazotte, Todd McCracken, John Stanford International Democracy Union
