Rep. Geoff Davis (R-KY) launched a new website today highlighting the Regulations from the Executive in Need of Scrutiny (REINS) Act, legislation designed to eliminate excessive regulations and red tape that are holding back job growth.
The REINS Act would require that Congress take an up-or-down vote on every new major rule (more than $100 million annual economic impact) before it could be enforced on the American people and businesses.
It is about time Congress got back to keeping the executive in check, instead of just allowing more authority to be taken. Unnecessary and overreaching regulations are killing our economy, whether by accident or design (see the energy industry, etc.). This bill seeks to finally but a check on it. From the website:
Excessive delegation of Congress’ constitutional responsibility for making the law of the land to the Executive Branch has created a lack of accountability in Congress for many of the most burdensome federal regulations.
Although this trend is not new, allowing major decisions to be made by unelected, unaccountable bureaucrats is not consistent with the constitutional responsibilities of our representative government.
To restore Congressional accountability for the regulatory process, Congressman Geoff Davis [KY-04] introduced the Regulations from the Executive in Need of Scrutiny (REINS) Act. The REINS Act would require Congress to take an up-or-down, stand-alone vote, and for the President to sign-off on all new major rules before they can be enforced on the American people, job-creating small businesses, or State and local governments.
Major rules are those that have an annual economic impact of $100 million or more. Last year, 100 major rules were finalized by the Executive Branch.
A recent study commissioned by the Small Business Administration found that annual regulatory compliance costs in the United States hit $1.75 trillion in 2008. A staggering figure that exceeds the total collected from income taxes that year ($1.449 trillion).
The REINS Act has been numbered in both Houses (H.R. 10 / S. 299) and is part of both the Senate and House Republicans' plans for economic recovery and job growth.
Link: REINS Act Website (you can actually read the full text of the bill and get updates)