BREAK IN TRANSCRIPT
Mr. SMITH of Texas. Mr. Chair, I strongly support of the REINS Act.
The American people today face an onslaught of unnecessary Federal regulations. From the President's health care law to the never-ending list of EPA rules, government regulation has become a barrier to economic growth and job creation.
Congress hears from employers daily about the threat of Federal regulations to their businesses. These employers are rightly concerned about the cost of compliance that regulations impose on their businesses. Overly burdensome regulation diverts limited money and resources away from business investment and expansion to meet the government's demands. This harms the ability of business owners to create more jobs and boost local economies. That should motivate us to take action today.
Rather than halt its efforts to expand government, the administration seeks to use the regulatory agencies to accomplish what it cannot get approved by Congress. The REINS Act ensures that Congress has the final say over whether Washington will impose major new regulations on the American economy. Specifically, the bill establishes a procedure for Congress to approve all new major regulations proposed by the administration.
The President himself has expressed the risks that excessive regulations pose to our economy. He has called for reviews of existing regulations to provide relief. He has also made a commitment to make the regulatory process more transparent. However, the President has failed to deliver on these promises. Instead, the Obama administration has proposed four times the number of major regulations than the previous administration over the same time period.
It is time for Congress to reverse this harmful trend in overregulation. The REINS Act holds the administration accountable for its unjustified regulatory assault on job creators. It guarantees that Congress, not unelected bureaucrats, will be the final arbiter of all new major regulatory costs.
The American people want job creation and economic growth, not more regulation. The REINS Act reins in out-of-control Federal regulations that burden the economy.
I thank Mr. YOUNG of Indiana for introducing this important legislation and I thank Chairman GOODLATTE for taking up the REINS Act.
BREAK IN TRANSCRIPT