GOP Chairmen Press Obama on Regulatory Reform
by Lamar Smith on March 11, 2011 at 2:39 PM
Four GOP Committee Chairmen sent a letter to President Obama Thursday urging him to reduce costly government regulations that burden American businesses and restrict economic growth. I was joined in sending the letter by Oversight Chairman Darrell Issa (R-Calif.), Energy and Commerce Chairman Fred Upton (R-Mich.) and Small Business Chairman Sam Graves (R-Mo.).
According to the Small Business Administration’s Office of Advocacy, federal regulations cost our economy $1.75 trillion per year. These regulations are imposed by unelected federal officials who cannot be held accountable by American voters. The Obama Administration’s December 2010 report on federal regulations listed 4,225 regulatory actions under development by federal agencies. Uncertainty about the cost of these upcoming regulations discourages employers from hiring new employees and expanding their businesses.
We urged President Obama to make a real commitment to regulatory reform by supporting legislation like the REINS Act, which requires congressional approval for government regulations with an economic impact of at least $100 million before they can be imposed on American businesses.
Until Washington addresses head on the massive burden of existing regulation and uncertainty over future regulation, a stable groundwork for economic growth and job creation cannot be laid. We ask that you work with us to enact durable regulatory reform legislation that can cure this problem.
A copy of the complete letter can be found at: judiciary.house.gov/news/2011/march/03102011RegulatoryReform