Hensarling Votes to Rein-In Washington Red Tape and Job-Killing Regulation
WASHINGTON—This week, the House passed, and Congressman Jeb Hensarling (R-TX) voted for, two measures that will help rein-in job-killing regulations that are holding back the US economy from reaching its full potential.
The Regulations from the Executive In Need of Scrutiny Act (H.R. 26), more commonly known as the REINS Act, passed the House on Thursday and requires new major regulations that have a significant impact on the economy to be voted up or down by Congress and be signed into law by the President before they can take effect.
“When people think about the cost of government they usually think about the out-of-control Washington spending that is driving our national debt of almost $20 trillion and counting. However, there is another cost of government and that is the cost of federal regulations,” Hensarling said. “According to the Competitive Enterprise Institute, the estimated cost of federal regulations in 2015 was almost $1.9 trillion, and no matter how you slice it, that kind of financial burden on our economy costs us jobs. I vividly recall a small businessman in East Texas who told me after many, many years he closed his small cabinetry shop because of the burden of regulation saying sadly, ‘I came to the conclusion my government no longer wanted me to succeed.’ Bureaucratic red tape pushed him out of business.”
The REINS Act will ensure that regulations with an annual economic cost of $100 million or more will move forward ONLY after receiving the approval of the people’s elected representatives in Congress.
The Midnight Rules Relief Act (H.R. 21), which passed the House Wednesday 238-184, will allow Congress, in a single vote, to repeal any rule finalized in the last 60 legislative days of the Obama administration (and future administrations) using the Congressional Review Act process which Republicans created in 1996. This bill will ensure that any last minute regulations the out-going Administration tries to impose will receive the proper level of scrutiny.
“Not all regulations are unwarranted, of course. But, there’s a difference between smart regulation that keeps Americans safe, and job-killing, economy-stagnating regulation that harms small business owners and families,” said Hensarling. “Currently, unelected Washington bureaucrats, who are running wild under the Obama Administration, are churning out roughly 4,000 new regulations a year. That has got to stop. And, while we have a long way to go to get our economy growing at four percent a year like it should be, the REINS Act and the Midnight Rules Relief Act are important steps toward achieving that goal and increasing job opportunities for all Americans.”