U.S. Rep. Ed Whitfield (KY-01), Chairman of the House Subcommittee on Energy and Power, today joined the majority in the House of Representatives in voting to pass the Red Tape Reduction and Small Business Job Creation Act. This bill will put on hold certain costly, job destroying regulations and provide more certainty to small businesses and job creators in our communities.
"We must reduce the regulatory burden on our job creators, and this bill does just that in a responsible manner," Whitfield said. "For our economy to get back on track, we must work to ensure small business and our job creators have the tools they need to be able to hire more people. That includes reducing costly, unnecessary, burdensome regulations that thwart job growth, and hurt our economy."
The Red Tape Reduction and Small Business Job Creation Act (H.R. 4078) will:
Impose a freeze on new regulations that could harm economic recovery until unemployment drops to 6% or below.
Permanently prevent "lame duck" administrations from issuing economically significant regulations.
Ensure that impacted parties have a right to intervene before federal agencies agree to binding legal settlements that require them to issue new regulations.
Require independent federal agencies such as the Federal Communications Commission (FCC) and the National Labor Relations Board (NLRB) to comply with the same regulatory review requirements as other agencies and require increased transparency with respect to unfunded mandates that are imposed state and local governments.
Create a streamlined process for consideration of federal permits for construction projects.
Require both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to conduct more thorough cost-benefit analyses of proposed regulations.