Last week, U.S. Rep. Jim Renacci (OH-16) signed on as an original co-sponsor of H.R. 5720, the Regulatory Reform Act of 2012, which would guarantee an up-or-down vote once every four years on a package to cut, modernize, streamline, and improve regulations. The bill is a product of the bipartisan working group Rep. Renacci co-founded.
"Everyone agrees rules that are outdated, no longer necessary or unnecessarily burdensome should be changed or stripped from the books altogether," said Rep. Renacci. "Time and time again business owners cite over-regulation as one of the main factors holding them and our economy back. This common sense, bipartisan legislation will help ensure everyone -- especially the American people -- get their wish for a streamlined and more efficient federal government."
The bill would require the White House Office of Information and Regulatory Affairs (OIRA) to submit the Federal Regulatory Reform report to Congress, detailing ineffective rules and recommendations to modify or repeal those rules. All recommendations would require supporting data and the rules in question must have costs shown to outweigh the benefits. No amendments would be permitted -- ensuring a prompt up-or-down vote.
OIRA will draw from action plans agencies are required to compile that periodically review existing regulations to determine whether they can be made more effective. OIRA will also consult with relevant congressional committees in the months prior to publication. Members will be able to suggest changes and respond to OIRA's proposals. In addition, the list of proposed regulatory changes will be published in Federal Register for public comment.
The legislation establishes a process for prompt consideration in the House and Senate by relevant committees, followed by an expedited floor vote.
Rep. Renacci is serving his first term in the U.S. House of Representatives, where he is a member of the Financial Services Committee. Prior to his election he worked as a Certified Public Accountant in the health care industry, and owned and operated over 60 other businesses in the automotive and sports management fields.