Congressman Tim Griffin (AR-02) issued the following statement after introducing the Regulatory Freeze for Jobs Act (H.R. 4078):
"Over the past year, I've talked to job creators from all over Arkansas -- folks who run businesses of all sizes. They've told me this Administration is burying them in regulations, which is hurting their ability to grow their businesses and create jobs. Under President Obama, the number of costly regulations reviewed and finalized has skyrocketed when compared to the previous administration. That's why I've introduced the Regulatory Freeze for Jobs Act, which will prevent the Administration from further burdening job creators with costly regulations until our economy turns around.."
H.R. 4078 would place a moratorium on all new "significant" federal regulations from being proposed, advanced or finalized until the national unemployment rate falls to six percent or lower. Significant regulations are those that have an annual effect on the economy of $100 million or more, interfere with another agency action, alter the budget impact of entitlements, grants, user fees, or loan programs, or raise novel legal or policy issues.
According to the Small Business Administration, regulations cost our economy $1.75 trillion annually. If the Obama Administration maintains its current pace, it would add nearly $150 billion in new annual regulatory costs over eight years. One example of the Administration's overregulation efforts is the proposed Boiler Maximum Achievable Control Technology (MACT) rules, which could cost Arkansas's economy over $338 million and put more than 5,400 Arkansans out of work.
H.R. 4078 makes exceptions for agency actions needed to address national security, imminent threats to health and safety, enforcement of criminal laws, and implementation of trade agreements. It has more than a dozen original co-sponsors, including House Judiciary Chairman Lamar Smith (TX-21) and all majority Members of the subcommittee of jurisdiction.