Our jobs agenda has one goal: make it easier for people to work. Our jobs policies aim to create a culture of opportunity where people can empower themselves and flourish in our society. This is accomplished through private job creation and entrepreneurship, healthcare reform, and modernizing education options.
That is why I'm proud to have support the business-driven initiative, GO Virginia, which facilitates greater collaboration between the business community, higher education, and local governments. The budget funds strategic and targeted investments in economic development, while promoting increased accountability and oversight in coordination with our legislative priorities. It also provides incentives for localities to work together to attract out-of-state businesses to their region. It is critical that our region work together to attract out of state jobs to our region.
I am a firm believer that a strong economy is built from the bottom-up, starting with our small business entrepreneurs who create two-thirds of all new jobs in our current economy. Unfortunately, bureaucratic red tape and over-regulation prevents too many small business owners from being able to survive and thrive. The current regulatory system is broken. Onerous permitting requirements have made it extremely difficult, expensive, and time-consuming to do business. Not all regulations are bad or should be done away with, however, they should be transparent, fair, and impose minimal financial burdens on businesses and families. I'm proud to have introduced legislation that would require every new regulation coming out of the state Department of Professional and Occupation Regulations to report within five years the impact that regulation is having on our small business entrepreneurs, whether it is redundant, and whether it is needed. We need to cut through red tape that is hindering our small business owners so they can hire and thrive in our emerging economy.