Proposed Gardner-Lee budget-bill amendment targets federal regulations

U.S. Sens. Cory Gardner (R-CO) and Mike Lee (R-UT) said late last week that they are introducing an amendment to the Bipartisan Budget Act of 2015: the Reducing Excessive Government (REG) Act.

The bill would require that any increase in the debt limit approved by Congress and the president be accompanied by a dollar-for-dollar decrease in regulatory burdens for every new dollar of debt.

“Excessive regulation is a heavy weight on our economy, slowing down growth, decreasing productivity and costing jobs,” Gardner said. “By rolling back burdensome regulations that restrict growth and strangle the American economy, the REG Act would provide much-needed relief – paving the way for American businesses to grow, innovate and create jobs.”

Lee said that since joining the Senate, he has opposed raising the debt limit.

“While this proposal wouldn’t cut government spending, it would save the American people trillions in regulatory compliance,” Lee said. “Furthermore, this amendment would not preclude us from seeking other structural reforms the next time the debt limit needs to be raised. This regulatory repeal process would be just another tool for protecting the freedoms of the American people and future generations of Americans.”