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News for Norther Colorado and the world

Thursday, October 23, 2014

Tipton: Support Economic Growth, Job Creation and Smaller Government by Passing the REINS Act

Press Release

Washington, D.C. – Congressman Scott Tipton (R-CO) issued this statement urging his colleagues in the House of Representatives to join him in reining in out of control regulations and pass the REINS Act (H.R. 10—Regulations From the Executive in Need of Scrutiny Act of 2011). The REINS Act, of which Tipton is a co-sponsor, is a piece of the Republicans’ Plan for America’s Job Creators. The measure will require congressional approval of any federal regulation with an economic impact in excess of $100 million. The House is expected to vote on H.R. 10 today.

“Recently, I held five town hall meetings, a job fair and a business roundtable, and the message I heard most from my constituents is to shrink the size of government and get people back to work. The REINS Act helps to do both by requiring Congressional oversight of major rules that have an impact on the economy of $100 million or more. This year alone, the Administration is expected to propose more than 200 regulations that exceed $100 million—seven of which will each cost the economy more than $1 billion.

“While we all recognize the important role that regulation plays in keeping America safe, we must consider the costs and benefits of regulation, and factor in the impact that rules play on our economy and on jobs. We must rein in unpredictable regulation on the American people and on businesses, to restore certainty, foster economic growth, and get people back to work. The REINS Act is a good first step to achieving that end. I urge my colleagues to join me in passing this important piece of legislation and in continuing to work to fight out of control government regulation and bureaucracy.”

Facts on regulation:

· $1.75 trillion per year: The cost of regulation on our economy according to the Small Business Administration.

· More than 4,200: The number of regulatory actions being developed by federal agencies.

· 200: The number of regulations with an economic impact greater than $100 million expected to be proposed by the Administration this year.

· 7: The number of regulations with an economic impact greater than $1 billion expected to be proposed by the Administration this year.

For more information on the REINS Act visit: http://geoffdavis.house.gov/REINS

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