In a speech at the New York Economic Club earlier this fall, Trump said over-regulation costs our economy $2 trillion a year and reduces household wealth by $15,000 dollars. A study released in 2010 from the SBA Office of Advocacy came to similar conclusions.
The entrepreneurs and small business owners CNBC spoke to across the country generally agree that U.S. regulations can be costly and cumbersome. Some gripe that staying in compliance with the many layers of local, state and federal regulations is a task that requires constant attention. But others shrug off regulation as the cost of doing business. They call it a minimal annoyance, one that's not overly intrusive. They respect the government's need to protect consumers.
What are regulations, exactly? What purpose do they serve? How do actual small business owners feel about them? Here's what CNBC found.