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Reining in Regulations that Stifle Economic Growth

Reining in Regulations that Stifle Economic Growth

House Passes Bill to Promote Job Creation

(Washington, D.C.) – The House of Representatives recently approved H.R. 367, the Regulations from the Executive in Need of Scrutiny (REINS) Act. This measure would require Congress to approve any regulation from a federal agency that has a $100-million effect on the economy. This would change current practice by making it harder for Congress to approve laws that direct agencies to issue new and costly regulations, while denying responsibility for those costs. Supporters of the REINS Act argue it will help limit costly new federal mandates. The legislation was approved by the House on a bipartisan vote of 232-183 on August 2nd.

According to a 2010 study by the Small Business Administration, the annual cost of federal regulations is $1.75 trillion. This regulatory burden makes it harder for entrepreneurs and job creators to grow businesses and expand payrolls.

Daniel Garza, Executive Director of The LIBRE Initiative released the following statement:

"Some federal regulations are valuable, but excess regulation is killing our economy. President Obama says economic growth and job creation are the 'North Star' guiding his policies. But his actions are speaking louder than his words when it comes to reducing the $1.75 trillion annual regulatory burden the government imposes under his watch. The Administration continues to block private sector projects like the Keystone XL pipeline, which would create thousands of new jobs at no cost to taxpayers for promises of short-term job creation that increase taxes and penalties on Americans. Congress needs to strike a better balance."

For interviews with a LIBRE representative, please contact: Judy Pino, 202-578-6424 or Brian Faughnan, 571-257-3309.