Congressman Spencer Bachus (AL-6) today praised committee passage of a bill to restore accountability to the federal regulatory process.
The House Judiciary Committee cleared the REINS (Regulations from the Executive in Need of Scrutiny) Act, which would require congressional approval of agency rules that produce more than $100 million in impacts. Congressman Bachus voted for the bill and helped prepare the legislation for full committee consideration as Chairman of the Subcommittee on Regulatory Reform, Commercial and Antitrust Law.
"The federal regulatory process is out of control. Agencies too often fail to consider the costs of the rules they impose, especially when it comes to the impact on small businesses and farmers. The REINS Act will provide a needed check on the regulatory overreach that we have seen from unelected bureaucrats and allow the American people to have a say on the decisions that affect their jobs and lives," said Congressman Bachus.
Bachus spoke against Democrat amendments that would have exempted regulations stemming from the Dodd-Frank Act from being reviewed. He said those financial rules have placed a burden on community banks and credit unions that are affecting their ability to serve customers and in some cases even stay in business.
"The regulations being issued under the Dodd-Frank Act are exactly the type of rules that need to be put under closer review. Who would have thought under our Constitution that decisions on individual loans would be vested in federal regulators? This is having a harmful effect on the ability of consumers and businesses to get credit and on economic growth in our communities," said Congressman Bachus.
The amendments to exempt the Dodd-Frank Act from the review provisions of the REINS Act were defeated.