CONGRESSMAN TOM REED APPLAUDS PASSAGE OF REINS ACT; Legislation Would Boost Small Businesses and Make Congress Accountable

Congressman Tom Reed is applauding today’s passage of the REINS (Regulations from the Executive In Need of Scrutiny) Act by the House of Representatives.  The legislation will reduce regulation on small businesses and make Congress accountable for new regulation.

According to the Small Business Administration, America’s job creators are buried under a regulatory burden of around $1.75 trillion annually.  Small businesses spend an estimated $10,500 per employeeto comply with federal regulations.  Compliance leads to higher consumer costs, reduced wages, and even reduced hiring. 

“When we visit small businesses around the district, we constantly hear stories of how regulations are strangling their businesses,” said Reed. “Small businesses are the primary job creators in places like Upstate New York. Reducing onerous regulation will allow them to survive and invest more in new products, services and employees. This is really a jobs bill.”

The REINS Act requires Congressional approval for new regulation which has at least $100 million in economic impact. It will in effect prohibit administrative agencies from going beyond their original grants of power to implement policies not approved by Congress. This would prevent agencies from pursuing regulations (such as the recent proposal to declare spilled milk as hazardous waste) beyond the authority granted them by Congress.

Of the currently proposed 4,225 new federal regulations, 224 are major rules with at least $100 million in economic impact. 

“The REINS ACT will make elected officials, instead of unelected bureaucrats, accountable for approving or disapproving new regulations,” Reed said. “That is good government as citizens have a way to hold our feet to the fire.”

The REINS Act now moves on to the Senate where it will await action with two dozen other bipartisan jobs-related bills passed by the House.

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