Smith: Obama's Obstinate Opposition to Reg Reform is Unacceptable

Statement

House Judiciary Committee Chairman Lamar Smith (R-Texas) issued the following statement in response to President Obama's veto threat for H.R. 3010, the Regulatory Accountability Act.

Chairman Smith: "President Obama likes to pay lip service to the problem of out of control federal regulations, but he stops short when it comes to making his rhetoric a reality. The Regulatory Accountability Act makes permanent policies that have been supported by presidents of both parties since Ronald Reagan. The bill restores accountability by ensuring openness and transparency in the regulatory process and by requiring regulators to select the least costly alternative to regulations when appropriate. President Obama's obstinate opposition to this bipartisan, bicameral bill is unacceptable.

"According to the Small Business Administration, regulations cost the American economy $1.75 trillion annually. But rather than add much-needed jobs to the economy, the Obama Administration has only added job-killing regulations that burden businesses and stifle economic growth. The Administration counted 410 new major rules in its regulatory agendas for 2010 and 2011. That is four times the number of major rules during the first two years of the previous administration. Of the administration's new regulations, 200 are expected to affect the economy by $100 million or more each.

"Our economic growth depends on helping job creators, not federal regulators. We need to encourage businesses to expand, not tie them up with red tape. The Regulatory Accountability Act will not stop federal agencies from issuing needed regulations. But it will stop them from imposing unjustified regulatory costs on America's job creators."

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