In an effort to restore accountability to the regulatory process, Representative Erik Paulsen (MN-03), member of the House Ways and Means Committee, voted for the passage of the Regulations From the Executive in Need of Scrutiny (REINS) Act of 2011. In today's economic environment, small businesses spend an estimated $10,500 per employee to comply with federal regulations. The REINS Act would require Congress to approve all major proposed regulations that have a significant economic impact of more than $100 million. The legislation passed the House with a bipartisan vote of 241--184.
"Duplicative, expensive and overreaching regulations have stifled economic growth and job creation, costing our economy $1.75 trillion each year," said Rep. Paulsen. "This common-sense bill allows Congress to act like a Board of Directors that has the ability to approve or reject regulations to ensure that future federal regulations are both cost-effective and necessary.
"Not all regulations are negative, they protect the health and safety of our families and communities. But, by ensuring that all regulations with a significant economic impact are approved by Congress we bring forward reform, accountability, and transparency to help grow our economy."
View Rep. Paulsen's floor remarks on the REINS Act.
Read Rep. Paulsen's Blog post on the need for regulation reform.
Paulsen, a champion of small business and advocate of free enterprise, entrepreneurship, and innovation currently serves on the House Ways and Means Committee, and is co-chair of the Congressional U.S.--Korea Free Trade Working Group.
For more information on Rep. Paulsen's work in Congress, and for past segments of Erik's Correspondence Corner, please visit www.paulsen.house.gov.