U.S. Rep. Charles W. Boustany (R-LA) this week discussed the Regulations from the Executive in Need of Scrutiny (REINS) Act of 2015, legislation he co-sponsored that would increase accountability and transparency in the federal regulatory process.
In its essence, the REINS Act requires that any rule or regulation proposed by the Executive Branch with an estimated economic impact of $100 million or more must be approved by Congress.
“The avalanche of new regulations from Washington is hurting job creation in Louisiana,” Boustany said. “Unelected bureaucrats have reached far beyond the limits of the law, attempting just this year to grant themselves regulatory authority over puddles and drainage ditches through the Waters of the U.S. Rule.”
The measure, authored by Rep.Todd Young (R-IN), has garnered the support of 170 additional co-sponsors. Similar bills have been passed during both the 112th and 113th Congress.
Citing figures released by the House Judiciary Committee, Boustany’s office maintains that the economic impact of federal regulatory overreach can be crippling. The committee found that federal regulations imposed on America’s job creators and households created an estimated $1.88 trillion burden in 2014. That equals at least $14,976 per U.S. household and 11.5 percent of America’s Real Gross Domestic Product, according to a press release from Boustany.
The committee also pointed out that federal regulators added an average of 81 new major regulations per year to those economic headwinds – nearly 500 in total — during the first six years of the Obama administration. At least 184 of these rules contained new federal prescriptions, with annual costs of nearly $80 billion.
“The REINS Act brings accountability into the regulatory process, giving the American people a voice and ensuring congressional intent is honored in the rule-making process,” Boustany said.