Olson Votes for Accountability in Regulatory Process
Rep. Pete Olson (R-TX) today voted in support of greater accountability in issuing federal regulations. Olson co-sponsored and voted for H.R. 427, the Regulations from the Executive in Need of Scrutiny (REINS) Act, a bill that would require congressional approval on any federal regulations with potential economic costs of $100 million or more. The bill passed the House by a vote of 243 to 165.
"Small businesses, the backbone of our economy, are being crushed under the weight of excessive regulations," Rep. Pete Olson said. "Iâ€™ve heard from too many small businesses that are struggling to comply with regulations that are either unachievable or unnecessary. This bill brings needed transparency to the regulatory process, cuts unnecessary red tape and holds the federal government accountable to our economy. I will continue to work to bring common sense to the federal regulatory process and strengthen our economy.
In 2014, the executive branch finalized 3,541 new rules and regulationsâ€”approximately 16 times greater than the 223 new laws passed by Congress and signed by the president. Of those rules and regulations, 200 were deemed to be â€œmajor.â€ The annual economic impact and regulatory compliance cost now stands at roughly $1.8 trillion, or approximately $14,000 per family.
Media Contact: Melissa Kelly