Monday’s lackluster GDP report shows that the U.S. economy grew at a sluggish 1.2 percent pace in the second quarter. This goes to show that the President’s big government liberal policies are not working. Speaking of - What does this Administration produce more than 60 of every day? Here is a hint: it’s not jobs. It’s regulations. The goal of any regulation should be to achieve a benefit that would not be possible without it, designed in such a fashion that the achieved benefit far outweighs the costs.
But our Administration has lost sight of this goal, and America’s economy is paying the price. Our current federal government designs regulations that are often unnecessary and achieve little or no benefit at very high costs. The rules have become so skewed that this Administration’s regulators are at war with America’s businesses. Industries such as manufacturing and technology are fighting to compete in a global market, but first they must survive the regulatory beast that is strangling innovation and growth.
The system is broken. The system has failed the American people. The REINS Act is the first step to restoring proper order and even sanity to our regulatory framework. I am a strong supporter of the “Regulations from the Executive In Need of Scrutiny (REINS) Act”. This legislation increases Congress’s authority of the Executive Branch by changing the process for major regulation.
The REINS Act requires that if a new regulation has $100 million or more in cumulative economic impact, then both the House and Senate must each vote to approve the new regulation. Under the status quo, major federal regulations are not subject to Congressional approval. The executive branch simply has to publish the new regulation, allow for a 60 day comment period, and then they can unilaterally force it upon the American people.
The FDA. EPA, FCC and virtually every other federal agency are making major policy changes that are costing American jobs, at the expense of taxpayers’ dollarsall without Congressional oversight or approval.
As I continue to identify and advance regulatory relief solutions, I’d love your input. Please share with me any examples of onerous and burdensome federal regulations that are preventing your business from growing, or are just plain ridiculous. As Chair of the Task Force on Restoring Constitutional Authority, I am committed to being a champion of regulatory reform. Until we stem the tide of overregulation, America’s manufacturing industry cannot realize it’s full potential. Any examples of regulations that need to be cleared off the books can be directed to Jennifer Lackey on my staff at [email protected] or 202.225.2231.