The House of Representatives today passed legislation to rein in the costly overreach of federal agencies that stifles job creation and slows economic growth. The Regulations from the Executive in Need of Scrutiny (REINS) Act (H.R. 10) passed by a vote of 241-184. The bill requires Congress to take an up-or-down vote to approve regulations that have an economic impact of $100 million or more before they can be imposed on the American people.
H.R. 10 is sponsored by House Judiciary Committee Chairman Lamar Smith (R-Texas) and Congressman Geoff Davis (R-Ky.)
Chairman Smith: "More than once this year, the President has talked about the dangers that excessive regulations pose to our economy. But unfortunately, his actions speak louder than his words. The Obama administration is preparing numerous regulations that each will cost the economy $1 billion or more per year.
"The American people want job creation, not more regulation. The REINS Act reins in out-of-control federal regulations that burden America's businesses and job creators. It guarantees that Congress -- not unelected agency officials -- will be accountable for all new major regulatory costs."
Rep. Davis: "The point of the REINS Act is accountability. Each member of Congress must take a stand and be accountable for regulations that will have the greatest impact on our economy. Regulatory compliance costs small businesses an estimated $10,500 per employee annually. At a time of high unemployment, we must do something about this massive burden. No longer would Congress be able to avoid accountability by writing vague laws requiring the benefits up front and leaving the unpopular or costly elements up to the bureaucrats who will write those elements of the law at some later date.
"I want to thank all of the supporters of the REINS Act, especially Speaker Boehner, Chairman Smith, Senator Paul, and the over 200 co-sponsors for their tireless efforts to advance this commonsense legislation."
This is the third bill considered by the House this month to help reduce the regulatory burden on America's job creators. The Regulatory Accountability Act (H.R. 3010) passed the House on December 2 by a vote of 253 -- 167. It places permanent restrictions on regulatory agencies and restores accountability by requiring openness and transparency in the regulatory process. The Regulatory Flexibility Improvements Act (H.R. 527) passed the House on December 1 by a vote of 263-159. The bill requires federal agencies to identify and reduce the costs new regulations would impose on small businesses.