Citing the 41,662 pages added to the Federal Register thus far in 2012, Congressman Tom Reed today voted in favor of the Red Tape Reduction and Small Business Job Creation Act. The Act, a package of seven bills, puts a moratorium on new regulations which cost the economy $50 million or more. "The costs of compliance with all these regulations lead to higher consumer prices and reduced hiring," Reed observed.
Reed took two weeks' worth of new regulations printed from the Federal Register to the House floor piled on a cart when he spoke last night in favor of the bill. "Unemployment in the Southern Tier continues to run higher than the national average," he said. "We can do better for the small businesses in Upstate New York and across the country. Removing duplicative, unreasonable regulation will allow businesses to invest more in growth and jobs. This legislation provides some short term relief. I will continue working for the REINS Act, which will bring a long-term common sense approach to regulation."
More than 4,100 new regulations are currently in the pipeline for approval.