Today, U.S. Representative Stephen Fincher (R-Frog Jump), voted in favor of H.R. 10, The REINS Act, which curbs federal spending by requiring congressional approval for any federal regulation with an economic impact of $100 million or more. The bill, which Fincher cosponsored, passed the House today, 241 to 184.
Fincher said, "For too long, unelected federal officials have imposed huge costs on the economy and American people through burdensome regulations. These officials are not elected and therefore not held accountable by American voters. The REINS Act is part of the answer to getting federal regulations under control and off the backs of hard working Americans."
"This legislation is similar to a bill I introduced back in June, H.R. 2175, the Regulatory Balance Act, which requires the Secretary of Agriculture, the Administrator of the Environmental Protection Agency, and the Commissioner of the Food and Drug Administration to perform a cost-benefit analysis on any proposed regulation that is determined to be a significant regulatory action. "
"Regulations are a hidden form of taxation, and just as our tax code is in need of reform, so is our regulatory system. Unless Congress acts decisively, this unchecked regulatory state will to grow and hinder job growth."
According to the Small Business Administration, federal regulations cost our economy $1.75 trillion. These costs hurt small business owners the most. Employers fearing tougher, stronger regulations can't afford to hire more employees as costly regulations pile up.