U.S. Representative Daniel Webster FL-10 today joined colleagues in introducing the REINS Act (H.R. 367), which is designed to keep job-killing regulations from going into effect without Congressional approval. Regulations that cost our economy $100 million or more would have to be approved through the legislative process.
"During the past four years, an avalanche of regulations has smothered America's job creators, deterring businesses from hiring out-of-work Americans and crushing our economic recovery. In 2011 alone, agencies issued more than 81,000 pages of regulations, filling more than 162 reams of paper -- or a pile of paper 27 feet tall. According to the Competitive Enterprise Institute, the annual cost of regulations to small businesses is estimated at over $10,000 per employee.
"The REINS Act seeks to provide relief to our economy by requiring Congressional approval for major regulations. When a federal agency makes a rule that will have an economic impact of $100 million or more thereby making it harder to hire out-of-work Americans or give current employees a pay raise, that rule must be approved by both chambers of Congress before being signed by the president. This legislation will go a long way toward speeding up job creation," stated Webster.