Stefanik Votes in Support of REINS Act to Help North Country Economy Grow
Washington, DC – Congresswoman Elise Stefanik (R-NY-21) voted in support of H.R. 26, the Regulations from the Executive in Need of Scrutiny (REINS) Act, which passed the House last night.
“When I visit businesses across the North Country, one of the top concerns I hear about is the negative effects burdensome regulations from Washington have on their ability to grow and create jobs,” said Congresswoman Stefanik. “The REINS Act pushes back against overregulation by federal bureaucrats and gives power back to the people by requiring that Congress vote on any major rule or regulation coming from the executive branch. This is a commonsense step for transparent and accountable government that will help grow our economy and create jobs for North Country families.”
H.R. 26 – Regulations from the Executive in Need of Scrutiny (REINS) Act
The REINS Act would require that Congress vote on any major rule or regulation coming from the executive branch that is estimated by OMB to impact the economy by $100 million or more.
- Federal government regulations pose enormous burdens and exert a drag on the economy – one study finds that federal regulations have reduced the annual growth rate of the US gross domestic product (GDP) by 0.8 percent. That means if regulation had been held constant at levels observed in 1980, the US economy would have been about 25 percent larger than it actually was as of 2012.
- The pace and volume of federal regulations and rules is increasing – in 2016 alone, the Obama Administration broke all records in printing 97,110 pages, issuing 3,853 rules and regulations in the Federal Register.
- Under the REINS Act, Congress would have 70 legislative days to approve a major rule with an economic impact over $100 million (as certified by OMB) and send it to the President for signature, otherwise the rule would not take effect (with process exceptions for national emergencies).
- One important result of the REINS Act would be to increase Congress's accountability for the content of Federal legal requirements, fostering more deliberation before the Federal Government expands its reach into the lives of Americans through added regulation.