The One In, Two Out Act, introduced on May 13 by U.S. Rep. Michael McCaul (R-TX), would force federal agencies to make tough choices when considering new regulatory burdens that impact America’s small businesses.
“In a time when small businesses are still rebuilding from the COVID-19 pandemic, we should not reinstate onerous regulations that will place heavy penalties on American business owners,” Rep. McCaul said. “Regulations can be complex for small businesses to navigate and come at a high cost.”
Rep. McCaul sponsored H.R. 3204 with cosponsor U.S. Rep. Chip Roy (R-TX) to require any federal agency issuing a new regulation to repeal two existing regulations before the new one takes effect, according to the congressional record bill summary.
H.R. 3204 would require government departments to assess the net cost to business of complying with any new regulation that is proposed, according to a bill summary provided by Rep. McCaul’s office.
For major regulations with an annual economic cost of more than $100 million, a deregulatory measure must be found that reduces the net cost by at least the same amount before the new regulation may go into effect, the congressman’s bill summary states.
H.R. 3204 has been referred for consideration to both the U.S. House Oversight and Reform Committee and the U.S. House Judiciary Committee.