Legislation Makes High Cost Regulations Subject to Congressional Approval
Washington, Jan 6 -
With the support of Congressman Bill Posey (R-Rockledge), the House of Representatives passed legislation to make high cost federal regulations subject to Congressional approval. The Regulations from the Executive in Need of Scrutiny or REINS Act (H.R. 26) provides an important check on the power of federal regulators to create rules found to have a major cost on the economy
“One of the greatest barriers to job creation and real economic growth in our nation is the constant stream of burdensome regulations pouring out of Washington’s bureaucracy,” said Congressman Bill Posey. “The REINS act, which I was proud to help introduce, will give the people’s representatives in Congress final say over the future of major regulations and, by doing so, will strengthen the voice of the American people in what has unfortunately become the most common method for creating laws.”
Specifically, the REINS Act establishes a new congressional procedure that requires “affirmative approval” for major rules created by federal agencies. Major rules are defined as those with an estimated economic impact of $100 million or more, rules that significantly increase the price of goods or services, or have a significant adverse impact on competition or employment. “Considering more than 600 major regulations have been finalized over the past 8 years, it is far past time for this process to guarantee Americans the transparency and accountability that Congressional votes ensure,” said Posey.