Congressman Tim Scott (SC-01) and Congresswoman Loretta Sanchez (CA-47) have announced the formation of the bipartisan Congressional Regulatory Review Caucus. The caucus' mission will be to review the merits and goals of a variety of federal regulations on private sector organizations and to educate other Members on this subject.
All aspects of American life, including business, health care and transportation, are impacted by federal regulations. Regulations are often enacted to ensure that market failures, such as risk of monopoly and unseen externalities do not occur. There are many valuable regulations that currently exist, such as stable wages, pollution standards, and standards of production for certain goods. Although some regulations are clearly beneficial, the benefits of others are much more opaque and at times hinder economic growth.
The Congressional Regulatory Review Caucus will look toward bipartisan ways to improve America's economy by promoting a more efficient and smarter government. Caucus members will work to fully understand the ways in which regulations debated in Congress impact our country.
"I want to thank Congresswoman Sanchez for working with me to put politics aside and create this bipartisan caucus," Scott said. "During times of economic uncertainty, it is essential that the government does not hinder growth, but rather works to encourage it. By joining together to roll back unnecessary and burdensome regulations, be it in the trucking industry, the fishing industry or any number of our economic drivers, we will make our economy stronger."
"As the economy continues to recover, it is crucial we ensure private sector businesses are operating as efficiently and effectively as possible," said Sanchez. "Although some regulations on the private sector serve a necessary purpose, some are unnecessary and do hinder growth. In order to facilitate the continued job creation our economy is experiencing, we should examine these regulations. I am pleased to join with Rep. Scott in this endeavor."