WHY IS IT GOOD FOR OUR INDUSTRY?
The Federal Code of Regulations contains more than 163,000 pages – making it very
difficult and costly for business to manage regulatory compliance. This bill makes sure the
most impactful regulations receive appropriate review.
Major rules will be subject to a stand-alone, up or down vote by Congress.
Major rules are those that have an annual economic impact of $100 million or more. The
current administration has proposed more than twice as many major rules in its first five
years as the preceding administration.
The REINS Act would require Congress to take an up or down, stand-alone vote, and for the
President to sign-off on all new major rules before they can be enforced on the American people,
job-creating small businesses, or state and local governments.
Major rules are those that have an annual economic impact of $100 million or more. In 2011, 100
major rules were finalized by the Executive Branch.
A study by the Competitive Enterprise Institute found that annual regulatory compliance costs in
the United States hit $1.86 trillion in 2013.
Not all regulations are bad; many provide important public safeguards. However, when a
proposed regulation could have an impact in the hundreds of millions or even billions of dollars
on our economy, it should be subject to the review by the elected representatives of the people.
The REINS Act is about improving the regulatory process.
The REINS Act would prevent Administrations from either party from bypassing Congress to
implement a political agenda through regulation. NAED encourages Congress to support the
REINS Act as a means of restoring badly-needed oversight on the pace of regulation in the U.S.
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Ask Congress to support the REINS Act.