Regulatory reform bill receives nod by House committee

A bill that aims to reform the United States regulatory system introduced by Rep. Todd Young, R-9th District, passed the House Committee on the Judiciary.

The Regulations from the Executive in Need of Scrutiny Act, or HR 367, was passed by the Committee on the Judiciary on Thursday.

The REINS Act, passed by a 20-9 vote, aims to amend the current regulatory code to increase accountability and transparency in the Federal regulatory process. The REINS Act would require any major regulation from the executive branch to come before the Congress for an up- or down-vote before it could be enacted, according to a news release.

“If Congress is to impose regulations and laws on U.S. citizens, it is important that those citizens are made aware of how they come to be. The REINS Act effectively constrains the President’s authority by limiting the size and scope of rule-making permissions,” Sen. Rand Paul, R-Ky., the bill’s Senate sponsor, said in a press release in March.

Sen. Paul stressed the bill’s importance to the legislative process.

“The REINS Act will successfully accomplish cutting the red tape and opening the regulatory process to scrutiny,” he said in the release. “I believe keeping the President and government accountable is not only important, but vital to maintaining America’s freedom for generations to come.”

Young specified the kinds of major legislation he hopes will be re-evaluated.

“Over the course of the next year, we’ll likely see a torrent of a new regulations being issued to fill in the blanks of laws like Dodd-Frank and Obamacare,” he said in the release.

The Dodd–Frank Wall Street Reform and Consumer Protection Act was signed into law by President Barack Obama in July 2010 and sought to regulate the financial industry, including banks, bank-holding companies and investment firms.

 The Patient Protection and Affordable Care Act, unofficially known as Obamacare, overhauled the health care system in March 2010.

Young said the gaps in laws like these two exist because Congress rushed through vague legislation and left the tough decisions up to federal regulators.

“This has the effect of freezing an already sluggish economy, while Congress points to unelected bureaucrats as the culprits,” Young said in a news release.

Any rule or regulation with an economic impact of $100 million or more as scored by the Office of Management and Budget, the White House office responsible for developing the president’s annual budget, would qualify as a major regulation, according to the release.

“It’s our job to create an environment where middle class incomes can grow and jobs can flourish, and the REINS Act ensures that Americans can hold their member of Congress responsible when roadblocks are placed on the path to economic recovery,” Young said in the release. “I look forward to seeing this bill come to the floor for a vote.”

The bill moves to the full House for a vote.

— Anu Kumar