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Schock Reins in Costly Regulations
Regulatory Burdens Cost Americans $236.7 Billion Last Year
Washington,
Jan 23 -
Washington, DC – Congressman Aaron Schock (R-IL) is continuing his fight to reduce burdensome regulations and costly red tape for employers. Schock has once again co-sponsored the bipartisan Regulations from the Executive in Need of Scrutiny (REINS) Act. The REINS Act which passed the House with bipartisan approval, in the 112th Congress, but sat in the Senate without a vote, was re-introduced today.
Schock press conference in discussing federal regulations |
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The REINS Act would curb the practice of bureaucratic approval of costly regulations by requiring a joint resolution of approval from Congress for major rules from the administration, those with an impact of over $100 million, before such rules may take effect. During the first two years of the Obama presidency, 408 regulations proposed by the Administration had an economic impact of over $100 million.
“Onerous regulations remain a major concern for small businesses and Illinois households. There have been hundreds of regulations proposed in the last couple of years that would have a profoundly negative impact on communities in Illinois and it’s become a deterrent of economic growth,” said Congressman Aaron Schock. “In many cases rule-makers in Washington have never stepped foot in a local community or business that would be impacted by a new regulation they propose. All the REINS Act does is ensure that elected representatives in Congress have a final say in the approval process.”
When asked by a Chamber of Commerce Small Business Outlook Survey, 78% of small businesses surveyed report the taxation, regulation and legislation from Washington make it harder for their business to hire more employees. According to the World Bank’s Doing Business 2012 report, the U.S. ranks 13th in the world in the ease of starting a new business. The Small Business Administration (SBA) reports that the average annual cost per household from federal regulations is $15,000 and the cost per employee that federal regulations place on small businesses registers in at $10,585.
BACKGROUND ON THE REINS ACT:
The REINS Act originally passed the House of Representatives on December 7, 2011 by a bipartisan vote of 241- 184.
What does the REINS Act do?
- Currently, major rules (generally defined as having an economic impact of over $100 million) take effect unless a joint resolution disapproving them is enacted.
- The REINS Act would require a joint resolution of approval of major rules to be enacted before such rules may take effect.
- Congress and the President have seventy (70) legislative days to enact a joint resolution of approval.
- If Congress and the President do not act within that time period, the rule is deemed to be not approved.
- In cases of emergency, the President would be allowed to permit a major rule to take effect for one 90-calendar day period without such approval if there is an imminent threat to health or safety.
- Congress will be forced to account for the regulations resulting from legislation. Accountability for both the original law and the details in the subsequent regulation should not be an option for members of the House and Senate. The REINS Act will require this accountability.
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