WASHINGTON. D.C. – Today, the House of Representatives passed H.R. 427, the Regulations from the Executive in Need of Scrutiny (REINS) Act, to rein in Washington’s out-of-control regulatory machine by requiring a congressional vote before any regulation or rule costing more than $100 million goes into effect.
“Right now, American job creators and households are being buried under an avalanche of federal regulations – costing small businesses over a trillion dollars per year and countless hours to ensure its compliance with these rules and regulations. Small businesses are the backbone of New Hampshire’s economy; and, Congress must do everything in its power to eliminate hurdles preventing business growth, new jobs and competition.
The REINS Act prevents the Obama Administration from issuing further harmful and expensive regulations by requiring Congressional approval in a fast, efficient and accountable manner.”
According to a 2014 report from the Competitive Enterprise Institute, businesses pay around $1.86 trillion each year. The National Association of Manufacturers estimates that compliance with federal regulation costs manufacturers with fewer than 50 employees $34,671 a year.
The REINS Act guarantees that no major regulation over $100 million becomes effective until Congress approves it. Furthermore, it guarantees a fast up or down vote within 70 legislative days.
To read H.R. 427, please click here.