Jeffrey Immelt, President Obama’s jobs czar and CEO of General Electric, told Fareed Zakaria that he has learned, as jobs czar, to appreciate how regulations prove more of a burden for small business owners than for large companies and said that the federal government should undertake “some simplification of regulations in the United States.”

To introduce his criticism of the regulatory code, Immelt offered a word of sympathy for small business owners and “what they go through” as a result of complicated regulations: