Dr. Boozman's Check-up
Nov 01 2011
The Jobs Through Growth Act combines several bills that reform the tax code, abolish burdensome regulations, eliminate wasteful spending, promote new markets for American exporters and reduce our dependence on foreign sources of energy.
As Congress debates competing plans to get Americans working again, I want to shine a spotlight on the individual bills that make up The Jobs Through Growth Act and how each one will help put our economy on a road to recovery.
In this first edition, let’s highlight the Regulations From the Executive in Need of Scrutiny (REINS Act), an effort to curb the alarming amount of unnecessary regulations coming from the Obama Administration.
In a recent Gallup Poll, small-business owners in the United States said the number one problem they face today is figuring out how to comply with the countless government regulations. Fear of the effects the next wave of regulations serve to further push small business owners to the edge of uncertainty.
This Administration, like no other in recent years, has abused the regulatory process. Last year, the Obama Administration finalized 3,573 new rules—the costs of these new regulations amounted to $1.75 trillion—nearly 12% of GDP.
The REINS Act will serve as a check for the Administration’s regulatory binge. It will require Congressional approval, by joint resolution, of any federal rule that would cost the economy $100 million or more.
Congressional approval of these regulations is important in light of the aggressive regulatory approach the Executive Branch is continuing to pursue this year. In just two months during the summer of 2011, the Obama Administration proposed 1225 regulations at a cost of $17.7 billion. And these aren’t minor inconveniences we are talking about either. President Obama’s regulatory agenda for 2011 contains 219 proposed rules that have an economic cost of over $1 billion each.
There seems to be no end to this practice in sight. In fact, President Obama has issued a flurry of executive orders in recent days. White House Press Secretary Jay Carney said President Obama will continue to bypass Congress to further his agenda in the coming weeks. Just yesterday, Carney said, “But he [Obama] can also act independently or, rather, administratively, and exercise his executive authority to benefit the American people in other ways. And he will continue to do that.”
The REINS Act is an important piece of this comprehensive jobs package and will help lift the specter of uncertainly from our lagging economy and ensure Congressional oversight of this Administration. It, along with the other bills rolled into The Jobs Through Growth Act, should be passed right away to jumpstart our economy.