Congressman Thomas Massie (R-KY) has signed on as an original co-sponsor of the REINS Act. This bill aims to curb unchecked and costly regulations.
"Overregulation stifles economic growth and hurts small businesses," said Rep. Massie. "It is vital that Congress act to overhaul our regulatory process."
American small businesses spend roughly $10,500 per employee due to federal regulations. This annual regulatory burden of $1.75 trillion leads to higher consumer prices, reduced wages, and fewer jobs.
The Regulations from the Executive in Need of Scrutiny (REINS) Act requires Congress to approve any regulations that would cost more than $100 million, lead to a major increase in consumer prices, or adversely affect employment. Congress would be the final authority on major regulations proposed by the executive branch.
"Congress has delegated its law-making authority to unaccountable federal agencies over the past several decades," added Rep. Massie. "Unelected bureaucrats do not have the constitutional authority to write our laws. That is the job of Congress. To cede this authority to federal agencies like the EPA undermines the core of our representative form of government."
Rep. Todd Young (R-IN) introduced the REINS Act of 2013 with 121 cosponsors. This bill was first conceived by 4th district constituent Lloyd Rogers of Alexandria, Kentucky, and introduced by former Rep. Geoff Davis in 2011.