Congressman Leonard Lance (NJ-07) tonight voted in favor of H.R. 427, the Regulations from the Executive in Need of Scrutiny (REINS) Act – which requires any agency rule or regulation with an economic impact of $100 million or more to receive congressional approval.
“The REINS Act puts the breaks on agencies issuing major rules and regulations that suppress innovation and stifle economic growth. Congress will be able to have a say, debate the merits of a proposed regulation and vote. I hear from small business owners and employers across my congressional district that rules and regulations issued from government agencies fail to take into account practical business practices and result in needless expense and wasted time. This action allows Congress to protect job creators from onerous and impractical regulations,” said Lance after the vote.
The REINS Act requires that every new major regulation with an economic impact of $100 million or more (as scored by the Office of Management and Budget) receive a House and Senate vote within 70 legislative days of being introduced. According to the Small Business Administration, the annual cost of federal regulations is nearly $2 trillion, with hundreds of federal agencies writing thousands of new mandates every year. Last year federal agencies issued more than 3,700 regulations.