H.R. 367, the Regulations from the Executive in Need of Scrutiny (REINS) Act--the bill introduced by Congressman Todd Young (R-IN9) to reform the U.S. regulatory system--passed out of the House Committee on the Judiciary by a 20-9 vote on Thursday. The bill now heads to the full House. Congressman Steve Stockman is a proud supporter and co-sponsor.
"Over the course of the next year, we'll likely see a torrent of new regulations being issued to fill in the blanks of laws like Dodd-Frank and Obamacare," said Young. "Those blanks exist because Congress rushed through vague legislation and left the tough decisions up to federal regulators. This has the effect of freezing an already sluggish economy, while Congress points to unelected bureaucrats as the culprits. It's our job to create an environment where middle class incomes can grow and jobs can flourish, and the REINS Act ensures that Americans can hold their member of Congress responsible when roadblocks are placed on the path to economic recovery. I look forward to seeing this bill come to the floor for a vote."
The REINS Act would require any major regulation--a rule or regulation with an economic impact of $100 million or more as scored by the Office of Management and Budget--from the executive branch to come before Congress for an up-or-down vote before it could be enacted. The bill passed the House last Congress, but never got a hearing in the Senate. The bill's Senate sponsor is Sen. Rand Paul (R-KY).