NTU urges all Representatives to vote “YES” on H.R. 427, “Regulations from the Executive in Need of Scrutiny (REINS) Act of 2015.” This would increase legislative control and accountability over federal regulatory policy by requiring Congress to affirmatively approve any rule that may result in an annual effect on the economy of $100 million or more.
The surge in federal regulations under the Obama administration has enormous financial consequences for individuals and businesses. Last year, the executive branch finalized 3,541 new rules and regulations. This number is comparatively 16 times greater than the 223 new laws passed by Congress and signed by the President. In addition, the total annual economic impact and regulatory compliance cost is currently estimated to reach over $1.8 trillion, which equals more than $14,000 per family.
By requiring executive agencies to submit major rulemaking proposals to Congress for a vote, the REINS Act would place a much-needed braking mechanism on a federal regulatory state that is clearly accelerating out of control. Congress has often delegated greater amounts of regulatory authority to federal agencies. Unfortunately, this high level of discretion to implement regulations has upset the careful balance between narrow technical expertise and broad political accountability. The REINS Act would begin the process of ensuring that regulatory agencies hew more closely to Congress’ intent; it is a crucial component in the effort to reform our nation’s regulatory system.
The tremendous weight of our growing regulatory state is a hidden burden on taxpayers and a drag on our economic recovery. The REINS Act could lighten this load.
Roll call votes on H.R. 427 will be significantly weighted in our annual Rating of Congress and a “Yes” vote will be considered the pro-taxpayer position.
If you have any questions, please contact NTU Federal Affairs Manager Nan Swift at (703) 683-5700