Congressman Tim Griffin (AR-02) issued the following statement after the House Committee on the Judiciary passed his Regulatory Freeze for Jobs Act (H.R. 4078):
"President Obama's policies are making things worse and job creators need a break from his aggressive regulatory agenda. By carefully targeting the Administration's most harmful regulatory policies, the Regulatory Freeze for Jobs Act will allow the federal government to continue to provide for public safety while freezing President Obama's tendency to over-regulate America's job creators and stifle economic growth. My bill makes exceptions for rules necessary for national security, trade agreements, criminal law enforcement, and imminent threats to health or safety. In addition, we added a provision that will allow the President to seek Congressional approval for other regulations recognized as absolutely critical. But most importantly, it will help get America moving again."
Rep. Lamar Smith (TX-21), Chairman of the House Judiciary Committee, praised Rep. Griffin for authoring this bill:
"I congratulate Rep. Griffin on the Committee's passage of the Regulatory Freeze for Jobs Act of 2012 (H.R. 4078). I appreciate his leadership on this important legislation to help combat the growing number of burdensome regulations on small businesses and the economy."
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 the U.S. 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. H.R. 4078 would stop the Administration from implementing 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.
The Regulatory Freeze for Jobs Act is supported by the U.S. Chamber of Commerce.