Congressman Larry Bucshon (IN-08) released the following comment in regards to the passage of H.R. 10, the Regulations from the Executive in Need of Scrutiny (REINS) Act of 2011. The REINS Act will require congressional approval for any federal regulation with an economic impact of $100 million or more.
Congressman Bucshon (IN-08) states:
“As I have traveled my district this year, visiting more than 70 businesses, each job creator has told me that uncertainty provided by onerous regulations causes them to stop hiring, stop expanding, and to start saving in order to pay for these excessive regulations. It was with them in mind that I voted for the REINS Act.
“Once again my House colleagues and I have voted for a bill that will encourage job creation. I hope the Senate will feel the urgency of this need for more jobs and take immediate action to prevent these job destroying regulations from continuing to hamper businesses and stymie job growth. The REINS Act is intended to ensure that only necessary regulations are put in place and to encourage businesses to invest more in order to create jobs.”
Congressman Davis (KY-04) states:
“The point of the REINS Act is accountability. Each member of Congress must take a stand and be accountable for regulations that will have the greatest impact on our economy. Regulatory compliance costs small businesses an estimated $10,500 per employee annually. At a time of high unemployment, we must do something about this massive burden. No longer would Congress be able to avoid accountability by writing vague laws requiring the benefits up front and leaving the unpopular or costly elements up to the bureaucrats who will write those elements of the law at some later date.
“I want to thank all of the supporters of the REINS Act, especially Speaker Boehner, Chairman Smith, Senator Paul, and the over 200 co-sponsors for their tireless efforts to advance this commonsense legislation.”
According to the Small Business Administration, federal regulations cost our economy $1.75 trillion each year.
This year, the Obama administration has identified over 200 new rules and regulations that will have an economic impact over $100 million each, with seven costing over $1 billion each.
The REINS Act requires Congress to take an up-or-down vote on regulations that have an economic impact of $100 million or more before they can take effect.
The REINS Act is a part of the House Republican Plan for America’s Job Creators that was released in June of this year.
According to an article in the Terre Haute Tribune Star, “Wabash River Power plant facing uncertain future,” from September 16, 2011 stated that 140 jobs will likely be lost due to a local power plant near Terre Haute retiring energy producing units early in 2014 as a result of the EPA’s Hazardous Air Pollutant rules, or “Utility MACT,” which is regulation that would cost over $100 million and subject the scrutiny required in the REINS Act.