Congressman Tim Huelskamp, a member of the House Small Business Committee, joined with 121 of his colleagues to introduce the Regulations from the Executive In Need of Scrutiny (REINS) Act. He supported similar legislation in the 112th Congress; the previous version passed with bipartisan support (by a margin of 241-184) in December 2011. This legislation requires Congress to hold an "up or down" vote on any rule or regulation with an economic impact of $100 million or more. It is estimated that the cost of compliance with regulations amounts to $1.75 trillion annually. And, according to the Small Business Administration, a small business incurs regulatory compliance costs of $7,500 and $10,500 per employee.
"During my first two years in Congress I heard from one small business owner after another: cut the red tape," Congressman Huelskamp said. "Maybe Wall Street and Big Business can handle more regulations, but any more rules from Washington might just be the last straw that breaks the back of Main Street. After the imposition of ObamaCare and higher taxes in the fiscal cliff bill, Washington owes it to small businesses -- the engine of our economy -- to end overregulation."
"What many Americans -- and even some lawmakers -- forget is that when legislation becomes law it is just a first step. Ultimately, the nitty-gritty details are left to the Executive Branch. And, it is well within the authority of Congress to check aggressive bureaucrats. The REINS Act merely requires Congress to exercise that authority when the economic costs of regulation are extreme and perhaps excessive."
"We are going to continue to shine the light on overregulation, and its impact. Even if well-intentioned, rules and red tape from Washington not only undermine the bottom line of business, but also threaten the line that should be drawn between government and private enterprise. Kansas' small business owners, farmers, and ranchers should not have to answer to bureaucrats far off in Washington."