It should be common sense. The more federal regulations that put the squeeze on small businesses and job creators, the greater the negative impact is on economies throughout the nation. Nevertheless, the regulations and red tape continue to stream down from the federal government. Under the Obama Administration, on average, 82 major rules – those with economic impacts of $100 million or more – have been filed each year. Plus, federal regulations cost the U.S. economy an estimated $1.88 trillion in 2014. That adds up to nearly $15,000 per American household.
Many of America’s job creators are stuck under mountains of endlessly growing, bureaucratic red tape. I’ve heard time and again from businesses in the Sixth District, as well as others that have testified before the Judiciary Committee, that uncertainty about the cost of pending regulations discourages employers from hiring new employees and expanding their businesses.
In the House of Representatives, we know that reining in federal red tape is an important step in growing an economy that fosters opportunity. That is why the House recently passed theREINS Act, which requires an up-or-down vote by Congress before any new, major regulation can be imposed on our economy. It also guarantees a vote by Congress on each major regulation within 70 days. The REINS Act does not prohibit new regulations, and it does not move to end good, common sense regulations that protect children, families, and workers. It simply establishes the principle, “No major regulation without representation.” By requiring Congress to approve or deny major regulations proposed by the Administration, the REINS Actprovides Congress, and ultimately the people, with a much needed tool to check Washington’s regulatory bureaucrats.
Excessive regulation means higher prices, lower wages, fewer jobs, less economic growth, and a less competitive America. It’s clear that America cannot tax, spend, and regulate its way to economic growth and prosperity for the American people. To truly fix this problem, theREINS Act is one of the simplest, clearest, and most powerful measures we can adopt. I urge the Senate to join the House in making sure that job creators aren’t bogged down with red tape and that the Administration is held accountable to the American people.
Bob Goodlatte represents Virginia’s Sixth District in Congress.
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