This afternoon, Congressman Bill Shuster voted yes on the "Regulations from the Executive In Need of Scrutiny," or REINS Act. This critical legislation amends the Congressional Review Act (CRA) to require Congress to affirmatively approve every new major regulation proposed by the executive branch before it can be enforced on the American people.
"Passage of the REINS Act is a major victory for American workers and job creators," Shuster said. "For too long, Congress has abdicated its control over the rule makers in the Executive Branch who have taken to legislating by regulation, outside of the control of the Congress. That ends today."
Regulations are a form of hidden taxation that increase the cost of doing business and in turn, the cost of practically everything we buy. Regulations also have the effect of pushing down wages and slowing job creation.
America's jobs creators are practically buried under a regulatory avalanche costing $1.75 trillion annually. The cost of new regulation this year alone tops $67.4 billion. Small businesses spend an estimated $10,500 per employee to comply with reams of federal regulations emanating out of Washington, DC. Of the 4,225 regulations now in the pipeline, 224 are major rule with at least $100 million in economic impact.
"If a regulation has close to $100 million in costs to businesses and the people they employ, Congress should have the final say before it goes into effect," Shuster said. "The REINS Act allows the people's elected representatives to have that say, not some unelected career bureaucrat."