Congressman Lamar Smith (R-Texas) today joined House Judiciary Committee Chairman Bob Goodlatte (R-Va.) in introducing bipartisan legislation to cut government red tape and restore accountability to the federal regulatory process. The Regulatory Accountability Act (H.R. 2122), which passed the House of Representatives in the 112th Congress, reforms the current federal rulemaking process to lower the costs and improve the quality of new regulations.
Congressman Smith introduced the Regulatory Accountability Act in the 112th Congress and is an original cosponsor of H.R. 2122.
Congressman Smith: "Under President Obama, the regulatory system has become a barrier to economic growth and job creation. Federal regulations cost our economy $1.75 trillion each year. Employers are concerned about the costs these regulations will impose on their businesses. So they stop hiring, stop spending and start saving for a bill from Big Brother. But rather than burdening businesses with more regulations, we need to free up employers so they can create jobs for American workers. The Regulatory Accountability Act places permanent restrictions on regulatory agencies and restores transparency to the regulatory process."
Chairman Goodlatte: "America's job creators are being buried under an avalanche of federal regulations. When small business owners and entrepreneurs have to divert precious resources to manage costly new mandates that are coming down from Washington, they have fewer resources available to grow their business or create jobs and this has a devastating impact on our national economy. If we are to grow our economy and get more Americans back to work, Washington must get out of the way. The Regulatory Accountability Act solves the problem of overreaching and unnecessary regulation by providing greater transparency, cost-benefit analysis of new rules, and a more thorough process for high-impact rules."
The Regulatory Accountability Act requires federal agencies to choose the lowest cost rulemaking alternative that meets statutory objectives, improves agency fact-gathering, fact-finding and identification of regulatory alternatives, requires advance notice of proposed major rulemakings to increase public input before costly agency positions are proposed, and fortifies judicial review of new agency regulations.
Representatives Spencer Bachus (R-Ala.), Colin Peterson (D-Minn.), William Owens (D-N.Y.), Howard Coble (R-N.C.), and Kurt Schrader (D-Ore.) also are original cosponsors of H.R. 2122. Companion legislation was introduced today in the U.S. Senate by Senators Rob Portman (R-Ohio), Mark Pryor (D-Ark.), Susan Collins (R-Maine), Bill Nelson (D- Fla.), Joe Manchin (D-W.Va.), Angus King (I-Maine), Kelly Ayotte (R-N.H.), Mike Johanns (R-Neb.), and John Cornyn (R-Texas).