Washington, D.C – Today, Congresswoman Elise Stefanik (R-NY-21) voted in support of H.R. 427, the Regulations from the Executive in Need of Scrutiny (REINS) Act – bipartisan legislation she cosponsored to give Congress a say on any major rule or regulation coming from the executive branch that is estimated by Office of Management and Budget to impact the economy by $100 million or more.
“Whenever I travel throughout the district, one of the most common problems I hear from our small business owners and job creators is how out of control regulations are hurting their ability to grow,” said Congresswoman Stefanik.” The REINS Act would simply require that any major rule or regulation coming from the executive branch require a vote before Congress before it can be implemented.”
HR 427, the “REINS Act” (Regulations from the Executive in Need of Scrutiny 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 cost on Americans - $1.88 trillion in 2014 according to one study -- affecting the country’s ability to innovate, grow, and create jobs.
- The pace and volume of federal regulations and rules is increasing - according to one review, last year’s Federal Register contained 77,687 pages, making it the sixth highest page count in its history.
- Under the REINS Act, Congress would have 70 legislative days to approve a major rule with 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' 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.
- According to CBO, last year federal agencies published 80 major rules; based on historical data, over the last five years, the average was 82 major rules a year
This legislation passed the House today and will now be sent to the Senate for consideration.