Idaho Congressman Mike Simpson last week supported legislation that will help reduce the uncertainty plaguing our economy as a result of the Obama Administration's excessive regulatory rule writing. H.R. 4078, the Red Tape Reduction and Small Business Job Creation Act passed the House with a final vote of 245-172.
"I have been stunned by the volume of regulations promulgated by the current administration, and I am well aware of the economic impact these rules have on Idaho businesses," said Simpson. "Our government needs to take a close look at the economic effects of federal mandates already being imposed, instead of saddling our job-creators and small businesses with even more burdensome and costly regulations."
H.R. 4078 would freeze regulations that cost the economy $100 million or more until the unemployment rate stabilizes at or below six percent. It would also prevent a "lame duck" administration from issuing economically significant new rules.
Additional provisions of this bill:
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 on state and local governments.
Ensure that impacted parties have a right to intervene before federal agencies agree to binding legal settlements that require them to issue new regulations.
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.
The bill will now move to the Senate for consideration.