Today, Rep. David B. McKinley, P.E. (R-W.Va.) voted to stop the uncertainty facing job creators as a result of excessive regulations, as the House passed The Red Tape Reduction and Small Business Job Creation Act of 2012, which included an amendment offered by Rep. McKinley.
Under the legislation, Congress will require additional analysis and reporting on all government regulations defined as significant. Rep. McKinley's amendment reduces this threshold from $100 million to $50 million, ensuring that more regulations will receive scrutiny. "In 2011, nearly 4,000 rules were published in the federal register," said Rep. McKinley. "Only 2% of these rules were classified as having an annual effect on the economy of $100 million or more."
"Given that red tape costs our economy $1 trillion each year, we should be scrutinizing more than only 2% of regulations," McKinley added. "Perhaps that would cause us to think twice before burdening small businesses with even more red tape." "
We have more than 23 million unemployed or underemployed Americans," said Rep. McKinley. "The American people sent us here to improve the economy and help them get back to work. They did not send us here to continue adding more excessive, job-hindering regulations."
The Red Tape Reduction and Small Business Job Creation Act 2012, a package of seven bills aimed at providing additional regulatory relief for small businesses, passed Thursday in the House by a vote of 245 to 172.