Rolling Back Regulations
Regulations are important for the protection of Americans’ health, safety, and well-being, but over the last eight years, they have grown beyond those purposes. The Obama administration issued more than 3,000 new regulations at a whopping cost of $875 billion to the American taxpayer.
Rather than helping Americans, overregulation has stifled innovation, stalled economic growth, and cost taxpayers billions of dollars in lost income.
In fact, in 2015, regulations cost nearly $2 trillion in lost productivity and growth, and unfortunately, the financial burdens are only part of our overregulation problem. Few old regulations are ever lifted and new regulations have been added at an alarming rate under the previous Administration.
For a successful, functioning economy, we need a regulatory system that works with and on behalf of the people, not the government. It should be collaborative, not combative, and encourage competition rather than picking winners and losers. We need to cut down on needless regulations while making the rules we do need more efficient and effective, particularly for our nation’s small businesses which often shoulder a disproportionate share of the federal regulatory burden.
Common sense solutions to our regulatory problem, such as putting sunsets on federal regulations and requiring agencies to publish the cost of each regulation, are actions that House Republicans are taking in order to help alleviate the pressure on taxpayers and businesses.
The House of Representatives has already begun the important work of addressing overregulation by passing the REINS Act, which would ensure Congress has an up-or-down vote on any major regulation that would have an annual economic impact of $100 million or more, and the Regulatory Accountability Act, which would increase transparency in the rule-making process and require federal agencies to choose the least costly option unless they can show a costlier option is needed to protect health, safety, or welfare.
These are significant steps forward, and they’re only the beginning of our regulatory reform efforts. The House Republicans’ plan, a Better Way, outlines our reform efforts and proposes common sense solutions that will not only help lift the heavy regulatory burdens on hardworking taxpayers, but also from our nation’s small businesses that drive our economy and put people to work.
I look forward to continuing this important work with my colleagues on both sides of the aisle throughout the 115th Congress, and encourage my constituents to voice their opinions at any of my upcoming town hall meetings, or by phone, standard mail, and email.