Applauding the Passage of Regulatory Relief Legislation
by Lamar Smith on January 16, 2017 at 7:11 PM
Last week the U.S. House of Representatives passed the “Regulatory Accountability Act” to provide relief to hardworking Americans by putting strong checks and balances on regulations from the executive branch.
Federal regulations impose a nearly $2 trillion burden on Americans, which equates to roughly $15,000 per household. Costs and time spent on regulatory compliance weigh heavy on small businesses. Regulations created under the Obama administration were responsible for over 194 million hours spent on paperwork. These excessive mandates discourage innovators from starting new businesses and investing in existing ones.
The Regulatory Accountability Act includes six separate bills that have previously passed the house to reduce the costs imposed by regulations, require more transparency and time for public comment, evaluate less costly alternatives, and account for the impact regulations have on small businesses.
I wrote the original Regulatory Accountability Act in 2011 as Chairman of the House Judiciary Committee.
When regulators create new rules, they often fail to analyze the full effects. This bill helps reduce the impact of heavy handed regulations on Americans and frees up time and resources for job creation. I look forward to working with President-Elect Trump and the Senate to continue to rein in regulations that hamper our economic growth.