Congressman Ben Quayle released the following statement Thursday after introducing HR 3392, the Regulatory Review Act, which requires Congressional review for all major federal regulations every ten years. Under Rep. Quayle's bill, every federal agency is required to review any federal regulation with an annual economic impact exceeding $100 million and find ways to make those regulations less costly and less burdensome for businesses.
"It has been more than one hundred days since President Obama issued an executive order requiring federal agencies to review regulations. Since then, the administration has continued to churn out new regulations at a record rate. So far this year, the Obama Administration has proposed 70,320 pages of new regulations that carry a price tag of $85.9 billion in compliance costs for American businesses.
"The unprecedented increase in federal regulations is driving up costs on small businesses in Arizona and around the country. With the White House unwilling to take action on the issue, House Republicans will continue to bring regulatory relief to job creators. I introduced the Regulatory Review Act in order to reduce the massive regulatory burden on American companies and restore confidence in the marketplace."