Reins act passes house with Gibbs’ support
WASHINGTON, DC – After years of regulatory overreach, Congress is again taking aim at executive agencies’ rulemaking power by requiring major regulations to be brought to the floor of the House and Senate for approval. The Regulations from the Executive in Need of Scrutiny Act, also called the REINS Act, requires congressional consent for any proposed regulation that would cost the American economy $100 million or more annually.
In 2015 alone, the Obama Administration added 43 new major rules, costing the American economy billions in compliance costs and lost productivity. A study commissioned by the National Association of Manufacturers found that federal regulations cost $2 trillion in 2012, affecting every sector of the economy and raising the price of goods and services for American families.
After the vote, Congressman Bob Gibbs released the following statement: “Today, in the first days of the new Congress, we are beginning the task of reforming what has become a hidden branch of government. The REINS Act tackles the major rules that can damage our economy. Every dollar that goes towards regulatory compliance is a dollar not being spent on hiring new employees or reinvesting in a business.
“I hear constantly from small businesses in the Seventh District with horror stories about regulations from the alphabet soup of federal agencies. They cannot keep up with the thousands of pages of new regulations these agencies produce every year. Commonsense regulatory reform is critical to creating jobs and unleashing the innovative and entrepreneurial spirit of America. This is real reform that puts Congress, the branch Constitutionally delegated to write the laws, back in the driver’s seat. The REINS Act ensures the House and Senate have final approval over such large and potentially damaging regulations.”
Regulatory Overreach by the Numbers:
600 – The number of major rules an August 2016 report by the American Action Forum the Obama Administration created since taking office in 2009.
$22 billion – Annual regulatory costs imposed by major regulations from 2015 alone.
$465 million – How much just the EPA’s Waters of the United States Rule could cost the American people by the EPA’s own estimates.
Category: Government
