WASHINGTON DC – Rep. Cory Gardner (R-CO) voted in favor of the Regulations from the Executive in Need of Scrutiny (REINS) Act Wednesday and reiterated the need to rein in federal regulators.
“With the cost of new regulations skyrocketing, the REINS Act will provide a much needed check on the Administration’s ability to impose rules that hurt small business and stifle job growth,” Gardner said. “As I travel around Colorado’s 4thCongressional District, one of the chief grievances I hear from job creators is that they’re being crushed by the costs associated with regulatory compliance. How can we expect job creators to start hiring when the federal government just keeps piling on?”
The REINS Act, H.R. 10, was introduced by Rep. Geoff Davis (R-KY) and would require proposed regulations that would have an economic impact of $100 million or more to be approved by Congress before implementation. Currently, the Obama Administration estimates that there are more than 200 regulations coming down the pipe that fall into this category. The cost of new regulatory burdens just this year is $67.4 billion, which is on top of $1.75 trillion annually.
According to the Competitive Enterprise Institute, in America today, small businesses spend an estimated $10,500 per employee to comply with federal regulations. Compliance leads to higher consumer costs, reduced wages, and even reduced hiring.