In an effort to curb excessive regulations that stifle small businesses, U.S. Reps. Randy Hultgren (R-IL), Mike Kelly (R-PA) and Leonard Lance (R-NJ) supported the recent House passage of a bill to require congressional approval on regulations costing the economy more than $100 million.
The Regulations from the Executive in Need of Scrutiny (REINS) Act, H.R. 26, aims to limit unnecessary and costly regulations that are handed down by the executive branch and federal agencies.
H.R. 26 includes provisions of Hultgren’s Regulatory Review and Sunset Act, which outlines a system for federal agencies and Congress to review existing rules and sunset any unnecessary ones.
“Illinois’ businesses small, medium and large are struggling under the heavy weight of major regulations that are passed without their consent or input,” Hultgren said. “It’s time the people had a voice again.”
The REINS Act would give Congress the power to stop unelected officials from making major economic rules that hinder growth without the say of the American people, Hultgren said.
“The legislation will give our job creators certainty and confidence, allowing them to grow and hire more workers,” he added.
Under the REINS Act, agencies would be required to submit major regulations to Congress for approval. Every new major regulation would be required to have a House and Senate vote within 70 legislative days of being introduced.
“All we are talking about is scrutiny — scrutiny of any executive order (or regulation) that comes out that is going to have an impact of $100 million or more on the economy,” Kelly said.
“I invite you to please go home to your districts, walk in those shops, walk in those little towns, talk to those people and find out the two things that really inhibit them from being successful are overtaxation and overregulation. We can handle both of those things right here in the People’s House,” Kelly said.
Lance said he’s toured many businesses and has heard a clear consensus that government should allow the American worker to innovate, build and create without worrying about regulations that are “impractical and a waste of time and money.”
The Obama administration handed down a record-breaking 600 major new regulations, imposing more than $700 billion in costs on the U.S. economy and millions of hours of compliance work on employees across the country, Lance said.
The Small Business Administration estimates that federal regulations cost nearly $2 trillion per year.