“One big reason that our economy is so far from its potential—one reason there is so much frustration among Americans—is the crush of regulations that are coming out of Washington. Go just about anywhere in the country—be it coal mines in the Rust Belt or paper mills out West or in the Midwest—you will see jobs and whole industries in jeopardy.” –Speaker Ryan
You hear a lot about regulatory reform: if we could get rid of overly burdensome regulations, it would help restore jobs and growth. Last week, with the support of President-elect Trump, the House passed the REINS Act, which would ensure Congress has an up-or-down vote on major regulations.
Today, the House is considering the Regulatory Accountability Act. Part of our Better Way agenda, this bill will increase transparency in the rule-making process, giving the people more input. And it will require agencies to choose the least costly option, unless they can show a costlier option is needed to protect the public. This is one of those things that makes you ask, “why don’t we do it already?”
But here’s why this is so important, by the numbers:
· $1,000,000,000,000: The total cost of the regulations issued by the Obama administration.
· 754,208,800: The hours of paperwork caused by the administration’s regulations.
· 4,432: The number of regulations finalized by the administration since 2009.
· 120,849,512: The number of paperwork hours as a result of the regulations finalized in 2016 alone.
Make no mistake: sensible regulations are important. But this administration has taken regulating to such an extreme that it has put whole industries in jeopardy.
The 115th Congress has begun by taking action to provide Americans with regulatory relief, demonstrating our commitment to listening to the people and keeping our promises.