Last night, U.S. Congressman Billy Long voted to rein in federal regulations that stifle job creation and economic growth by voting in favor of H.R. 10, or the Regulations From the Executive in Need of Scrutiny (REINS) Act. The REINS Act would require congressional approval of any federal regulation that would have an economic impact of $100 million or more. Long, a cosponsor of the bill, believes this kind of common-sense solution will help businesses and the economy get back on track.
According to the Small Business Administration, federal regulations cost our economy $1.75 trillion per year. Compliance with these ever increasing regulations leads to higher consumer costs, reduced wages, less innovation, and even reduced hiring. In America, small businesses spend an estimated $10,500 per employee to comply with federal regulations.
"Only ten nations in the world have a GDP greater than $1.75 trillion. We are wasting more money on regulation than Canada makes in an entire year," said Long. "We need to ease the burden on our small businesses and allow them to spend more, invest more, and produce more to create more jobs here in America."
The REINS Act would require Congress to take an up-or-down vote on regulations that have an economic impact of $100 million or more before they could be imposed. It would also ensure that major regulations would be considered in a timely fashion. If passed, Congress and the President would have 70 legislative days to pass a joint resolution of approval. If Congress and the President did not act within that time period, the regulation would not be approved.
Currently, officials authorizing federal regulations are not elected; therefore American voters cannot hold them accountable. The REINS Act would restore this authority by giving Congress a vote. This would give federal regulatory authority back to elected representatives of Congress that are accountable to the American people.
"As someone who grew up in Southwest Missouri, ran a successful business in Southwest Missouri, and is accountable to the people of Southwest Missouri, I know better than some unelected Washington bureaucrat what Southwest Missouri wants," said Long. "More burdensome regulations and unaccountability from people who have never even been to the Ozarks is not the answer."
Congressman Long has made fighting over-burdensome regulations and government overreach one of his top priorities in Congress.