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Congressman Dan Benishek is supporting the “Regulations From the Executive in Need of Scrutiny Act of 2015, a bill that would require Congress to vote on and the President to sign off on any new major federal regulations.
Benishek stated the REINS Act will seek to improve the American regulatory climate by requiring an up or down vote on any federal rule that has an annual economic impact of $100 million or more.
Currently there are 224 new federal regulations with at least $100 million in economic impact being considered by the Executive Branch.
Benishek explained the REINS Act will require Congress and the president to make a decision in a timely manner. Under the REINS Act, if Congress and the President do not act within 70 legislative days of the introduction of a new regulation, the regulation will be deemed not approved.
Benishek noted that according to the Small Business Administration, government regulations are estimated to cost the U.S. economy over $1.75 trillion per year.
Other economic studies have indicated that eliminating a single Washington regulator grows the American economy by $6.2 million and adds nearly 100 private sector jobs annually.
