Regulation NationPosted by Randy | August 09, 2011
The Administration's “Regulatory Czar” made the following statement in an op-ed that ran in Wall Street Journal in May:
“We are taking immediate steps to save individuals, businesses, and state and local governments hundreds of millions of dollars every year in regulatory burdens.”
However, a report released by the Heritage Foundation shows a different picture, highlighting the administration’s regulatory pace:
In the first six months of the 2011 fiscal year, 15 major regulations were issued, with annual costs exceeding $5.8 billion and one-time implementation costs approaching $6.5 billion. No major rulemaking actions were taken to reduce regulatory burdens during this period. Overall, the Obama Administration imposed 75 new major regulations from January 2009 to mid-FY 2011, with annual costs of $38 billion. There were only six major deregulatory actions during that time, with reported savings of just $1.5 billion.
While the “Regulatory Czar” may talk about the Administration’s desire to reform the federal government’s approach to regulation, their actions state otherwise. When considering the hundreds of yet unwritten rules under Dodd-Frank and the government takeover of health care, it is no wonder that America’s businesses are reluctant to invest or grow.
It is time we reversed this “regulation nation” trend.
I have cosponsored H.R. 10, the Regulations from the Executive in Need of Scrutiny (REINS) Act, which would restore a system of checks and balances to federal regulations and rein in the costly overreach of federal agencies that stifles job creation and hinders economic growth. I believe this legislation and the current environment in Washington offers us the best opportunity we have had in decades to roll back some of these burdensome regulations.
What do you think? Weigh in:
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