Rob Portman
The federal regulatory process would see its first major reforms in 70 years, providing greater certainty to American businesses and consumers, under bipartisan legislation introduced by U.S. Sen. Rob Portman (R-OH) on Wednesday.
“When I visit a factory or small business in Ohio, one of the complaints I hear most often from employers is that there are too many costly and unnecessary regulations that limit their ability to invest in their business and create more jobs,” Portman said. “We need a smarter regulatory process that promotes job creation, innovation and economic growth, while also continuing to protect public health and safety and the environment.”
The Regulatory Accountability Act would require cost-benefit analyses of new regulations while stepping-up transparency and accountability. Agencies would be expected to craft regulations using sound scientific and technical data to justify any new rules. The legislation would also codify key executive orders dating back to the 1980s to foster regulatory certainty for federal agencies, businesses and consumers.
The bill would establish an automatic review process for major regulations, requiring federal agencies to hold reviews of significant rules every 10 years to ensure they’re meeting regulatory objectives.
Additionally, federal agencies would be required to take a more evidence-based approach to rules costing more than $1 billion annually. Stakeholders would have an opportunity to take part in hearings and dispute facts of the regulations before they’re finalized under the bill.
“This legislation would bring our outdated federal regulatory process into the 21st century by requiring agencies to use the best scientific and economic data available, strengthening checks and balances, and giving the public a voice in the process,” Portman said.
Portman was joined by U.S. Sen. Heidi Heitkamp (D-ND) in introducing the Regulatory Accountability Act.
“All across North Dakota, the biggest concern I hear from business owners and workers is about regulations hurting their abilities to do their jobs,” Heitkamp said. “Our bipartisan bill would make federal regulations smarter and more effective for everyone impacted by them, support job growth, create certainty and provide an important check and balance on the president no matter who is in charge.”