The top priority in the 112th Congress has been to get our economy back on track and create jobs. One key obstacle to restarting growth in our country has been the deluge of new and expensive regulations on businesses and communities coming from Washington, D.C. These regulations, written by unelected bureaucrats, often defy commonsense and bring enormous compliance costs with them for job creators, as well as state and local governments.
Yesterday, the House took steps closer to putting a halt to the over-regulation coming from Washington by passing H.R. 10, Regulations From the Executive in Need of Scrutiny (REINS) Act.
The legislation, which was introduced by Rep. Geoff Davis (KY-04), ensures congressional review and approval of any government regulation that has an impact on the economy of $100 million or more. America's small businesses spend an estimated $10,500 per employee to comply with federal regulations. This means fewer resources are available to reinvest in their business and hire new employees.
Responsible regulations are important to protecting public health, safety and a clean environment. However, for the last two and a half years, bureaucrats have overreached with new regulations while hiding their staggering costs. And with the new health care and financial services laws directing the executive branch and federal agencies to create even more new rules and regulations, the REINS Act is needed now more than ever.
The REINS Act, an idea originally suggested to Rep. Davis by a constituent at a town hall meeting, would apply to all new major regulations. The bill defines major regulations as those that the Administrator of the Office of Information and Regulatory Affairs (OIRA) of the Office of Management and Budget (OMB) finds has resulted, or is likely to result, in either an annual effect on the economy of $100 million or more, or a major increase in costs or prices for consumers, individual industries, Federal, State, or local government agencies. There were 95 final major regulations in 2008, 84 in 2009, and 100 in 2010.
I look forward to continuing to support this and other bills that will restore regulatory certainty to America's economy. By removing the layers of onerous, redundant and unnecessary regulation that government has heaped on American businesses, we can re-energize job creation and prosperity in America.
Member of Congress