Congressman Eric Cantor (VA-07) today issued the following statement on the passage of the bipartisan Regulations from the Executive in Need of Scrutiny (REINS) Act, H.R. 10. This bill amends the Congressional Review Act to require Congressional approval of any new regulation that would have an annual economic impact of $100 million or more.
"Regulatory reform and smart regulation are key parts of our jobs plan to help boost job creation and economic growth. This fall, the House has worked to repeal the most harmful regulations coming from the Obama Administration and implemented common sense reforms to the regulatory process. The REINS Act holds Washington regulators accountable by requiring Congress to vote on regulations that would impose significant new costs on the small businessmen and women who we are counting on to create jobs. We cannot have a federal bureaucracy run amok if we are going to be a country where start-ups happen, risks are taken, businesses flourish, and jobs are created. I thank Chairman David Dreier, Chairman Lamar Smith and Congressman Geoff Davis for sponsoring this bipartisan bill to bring transparency and accountability to the regulatory process, so we can expand opportunities for business to grow, expand and hire."