To restore accountability for federal rules and regulations to Congress, U.S. Rep. Rodney Davis (R-Ill.) this week signed on as an original co-sponsor of the Regulations from the Executive In Need of Scrutiny (REINS) Act, in the U.S. House.
"The REINS Act is a commonsense piece of legislation that asks the regulators and Congress to slow down and consider all the consequences of a new rule prior to letting it take effect," said Davis. "Regulations and rules are stifling our small business community and the REINS Act is a small step in restoring some sanity to federal government to show that we want to work with the business community and not against it."
A recent survey from Harris Interactive and the U.S. Chamber of Commerce found that 86 percent of small businesses believe that regulations, rules, and taxes will negatively impact their ability to operate and that 88 percent of small businesses are looking for more certainty, opposed to more assistance from Washington.
The REINS Act was originally introduced by former U.S. Rep. Geoff Davis (R-Ky.) in the 112th Congress and would require any rule or regulation with an economic impact of $100 million or more--already scored and identified by the White House's Office of Management and Budget as a "major regulation'--come before Congress for an up-or-down vote before taking effect.
Congress and the President have 70 legislative days to approve a joint resolution of approval. If Congress and the President do not act within that time period, the regulation is deemed to be not approved.
The REINS Act passed the House overwhelmingly in the 112th Congress, but never received a hearing in the Senate.