The REINS Act Restoring Regulatory Accountability
Washington,
Dec 15, 2011 -
A picture paints a thousand words, but in the case of a foot-high stack of government regulations, it’s not a pretty picture and it’s far more like several hundred thousand words with the number of government regulations increasing tenfold under the current Administration.
The reality of government regulations run amok was brought home to me when one of my constituents, a local business leader, brought in a stack of new federal rules which his company needed to be in compliance within a matter of weeks. So instead of hiring a number of new employees on the plant floor and growing his business, this business leader had to turn the time and attention of his top management team to focus on interpreting and complying with these new regulations.
Our job creators are burdened by a growing and unaccountable regulatory state; buried under a regulatory burden of around $1.75 trillion annually. That represents nearly double the amount collected in income taxes in 2010, which was $936 billion. In America today, small businesses spend an estimated $10,500 per employee to comply with federal regulations. Compliance leads to higher consumer costs, reduced wages, and even reduced hiring.
The Regulations from the Executive In Need of Scrutiny (REINS) Act passed the U.S. House of Representatives recently. This legislation amends the Congressional Review Act (CRA) to require Congress to approve each new major regulation proposed by the administration before it can be enforced. Under this legislation a major regulation is a rule that has a yearly impact on the economy of $100 million or more. There were 95 major regulations in 2008, 84 in 2009, and 100 in 2010.
Decades of congressional delegation of constitutional lawmaking authority has emboldened regulators who have gone further than Congress intended. We have recently seen this with regulations like Net Neutrality and the EPA’s attempt to implement a cap and trade system.
The REINS Act also ensures that major regulations are considered within 70 legislative days. If Congress and the President do not act within that time period, the regulation will not be accepted.
I voted for this legislation because it will empower the private sector to do what it does best – create opportunity, wealth and jobs. Quite simply, that’s the American way. If you have any questions about the REINS Act, or need my assistance with any federal issues, please feel free to contact my Central Ohio District Office at 614-771-4968.
