U.S. Representative Cynthia Lummis (R-WY) issued the following statement after House passage of H.R. 10, The REINS Act, a bill that reins in out of control federal regulations by requiring congressional approval for any federal regulation with an economic impact of $100 million or more:
"While America's economic environment struggles to regain its footing, Washington's regulatory environment is enjoying robust and steady growth. In fact, more people are now at work writing government regulations than people working for McDonalds, Ford, Disney and Boeing combined. Washington officials who are not elected and cannot be held accountable to the American people have handed down mandates for decades that actively hinder the economy; not to mention that some of these rules have no place or justification in the American economy. With the game constantly changing for our country's job creators, the incentive to make long-term business investments is nonexistent.
"It's time to rein in the red tape factory in Washington, D.C. Anytime Washington issues a mandate that has an impact of $100 million or more, it should be subject to the review of Congress. The REINS Act is an important tool to help restore transparency and accountability to the maze of mandates created by Washington bureaucrats."
· If the federal government's regulatory operation were a business, it would be one of the 50 biggest in the country in terms of revenues, and the third largest in terms of employees.
· According to the Small Business Administration, federal regulations cost our economy $1.75 trillion per year (or one-seventh the national income).
· The Obama Administration's December 2010 report on federal regulations listed more than 4,200 regulatory actions under development by federal agencies.