The House on Regulation: Comprehensive Reform?

Wed, 2011-11-02 14:21 | Regulation | Sam Batkins
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Today, the Republican Study Committee introduced “The Jobs Through Growth Act,” which combines fundamental tax reform, increased domestic energy production, and a series of regulatory reform proposals.

In addition to tax reform that adopts two low rates, 15 percent and 25 percent, The Jobs Through Growth Act favors four popular regulatory reform measures:

  • REINS Act: sponsored by Congressman Geoff Davis, REINS (H.R. 10) would require congressional approval for any “major” regulation; the bill currently has 192 cosponsors.
  • Regulation Moratorium and Jobs Preservation Act: H.R. 2898, sponsored by Congressman Reid Ribble, would suspend economically significant regulations until the U.S. unemployment rate drops to 7.7 percent or lower.
  • Small Business Regulatory Freedom Act: S. 474, sponsored by Senator Olympia Snowe, would amend the Regulatory Flexibility Act to expand judicial review during the rulemaking process and require agencies to review burdens on small businesses.
  • Small Business Freedom of Commerce Act: modeled on Congressman Scott Garrett’s legislation, this measure would allow small businesses to opt out of recent federal regulations if they comply with “certain public and consumer notification” laws.

If adopted, these bills would be the largest regulatory overhaul in generations.  Not only would the process of implementing major regulations differ drastically if REINS were adopted, small businesses would see increased protection under S. 474 and H.R. 2898.

Also on the reform front, this week the “Regulatory Accountability Act” could clear the House Judiciary Committee.  The next two months look promising for reform options on the House floor; the Senate, however, has yet to keep pace.