Saying it will help create new jobs and stoke the economy, Congresswoman Mary Bono Mack today voted in favor of the Red Tape Reduction and Small Business Job Creation Act (HR 4078), which the Wall Street Journal calls "the largest overhaul of the rule-making process and larger administrative state since Ronald Reagan, and perhaps longer." The legislation was approved by a bipartisan vote of 245-172. Following passage of HR 4078, Congresswoman Bono Mack issued the following statement:
"Today, many small businesses are struggling to survive because government regulations have gone too far, punishing the very entrepreneurs who create jobs and drive our economy. There's simply too much bureaucracy and red tape, and taxes on business are too high as well. It's a double whammy.
"Unfortunately, President Obama's policies have failed and are only making the economy worse. Since the President took office, we've seen a 52% increase in new regulations deemed economically "significant', which is defined as costing the economy at least $100 million annually.
"The Red Tape Reduction and Small Business Job Creation Act is a combination of bills aimed at cutting unnecessary government red tape, making it easier for small businesses to create jobs and boost the economy. HR 4078 imposes a moratorium on any new regulation -- with the exceptions being for public health or emergencies -- until the unemployment rate drops below six percent nationally. This bill also contains language to curtail so called "midnight regulations' and to highlight the preponderance of "sue and settle' agreements. Given the difficult economic times facing our nation, these are common sense steps which will help American businesses to grow, benefitting our economy and prosperity."