Congressman Andy Barr (KY-6) today voted in favor of H.R. 427, the Regulations from the Executive in Need of Scrutiny (REINS) Act. Congressman Barr is an original cosponsor of this legislation, which would require any executive branch rule or regulation with an annual economic impact of $100 million or more to be approved by both the House and Senate before being imposed on hardworking families and job-creating businesses.
The REINS Act was passed in the House with an amendment co-sponsored by Congressman Barr which would require analysis on the impact of government regulations on public and private sector jobs.
“Today, we are experiencing the weakest recovery in the post-World War II era,” said Congressman Barr. “One of the principal causes of this slow growth is the explosion of regulation and red tape coming out of Washington. From the EPA’s War on Coal and the costly rules restricting agriculture and construction, to Obamacare’s regulation of healthcare, and Dodd-Frank’s 400 new rules on financial markets, the Obama Administration is overreaching its authority to regulate nearly every aspect of our economy and lives. This tidal wave of regulation is creating massive uncertainty in the private economy and limiting growth. The REINS Act would restore congressional authority and oversight over the laws of the land as intended by the Constitution, providing a needed check and balance to this and future presidents.”
In 2014, the executive branch finalized 200 new rules and regulations determined to have an annual economic impact of more than $100 million. The annual economic impact and regulatory compliance cost is now estimated to stand at over $1.8 trillion, which translates to more than $14,000 per family.