House Republican Policy Committee Chairman Tom Price, M.D. (R-GA) applauded the passage of H.R. 4078, the Red Tape Reduction and Small Business Job Creation Act, saying:
"At an annual compliance cost of $1.75 trillion, federal regulations are an expensive and cumbersome burden on America's families and job creators. Combined with an oppressive tax code, it is no wonder that our nation's real unemployment rate under this administration hovers around 15 percent.
"We take seriously President Obama's promise to eliminate the "rules on the books that are needlessly stifling job creation and economic growth.' Unfortunately, he has approved of more than 100 new "economically significant' regulations since taking office, so Congress has been forced to take matters into our own hands.
"Our proposal would prevent the establishment of new regulations so long as unemployment exceeds 6 percent. Enacting it would save billions of dollars, enhance productivity and create opportunity. As such, we ask President Obama to call on the Democrat-controlled Senate to pass this bill in an effort to provide much-needed relief for our economy.
"This would signal to the American people, especially job creators, that Washington is serious about improving our country -- even if it means limiting its own power."