Today, the House is poised to take up the Regulations from the Executive in Need of Scrutiny (REINS) Act sponsored by Rep. Geoff Davis (R-KY), a bill that looks to combat the growing regulatory regime. The bill would requires Congress to affirm and major rule implemented by aggressive agencies. A major rule constitutes a rule that could have an economic impact greater than $100 million. Though the true economic loss caused by excessive regulation goes far beyond this calculated metric, this is an important first step in ending oppressive regulation by executive fiat. Americans for Tax Reform has long supported this important reform.
Unsurprisingly, the White House has issued a veto threat against the bill. This is because the Obama Administration has repeatedly turned to executive measures to push its agenda after Congress has been unwilling to participate in the President's radical expansion of the size of government. This is illustrated by the increasingly aggressive EPA in the wake of the 111th Congress—controlled by Democrats—abjectly rejecting the Cap-and-Trade scheme.
In 2010 the federal government implemented 3,271 new rules and regulations which cost small businesses approximately $10,000 per employee in compliance. Americans for Tax Reform Foundation calculated that the average American had to work 77 days in 2011 just to pay off the costs of regulation. The dead-weight loss to the economy, coupled with the growing burden to support the regulatory regime, represents a ballooning government that crowds out and limits private enterprise. Contact your representative to tell them to vote YES on the REINS Act today.