Yesterday the House Judiciary Committee passed Rep. Geoff Davis’ (R-KY) REINS Act, which will address the excessive regulations coming down the pike from Washington Democrats. The legislation will require that Congress vote on any new federal rules that have a major impact – more than $100 million – on the economy. Congressman Davis explained why we need to implement the REINS Act on CNBC’s The Kudlow Report last night:
The REINS Act – a key component of the Plan for America’s Job Creators and the Pledge to America – couldn’t come at a better time, because as a new survey from Gallup points out, small businesses are feeling squeezed by the onslaught of red tape out of Washington. The Huffington Post has the details: “Government regulations take the biggest toll on small businesses, according to a new Gallup poll. The Gallup Small Business Index, which polled more than 600 small-business owners in early October, showed that of all the possible obstacles facing small businesses, 22 percent felt government regulations caused the biggest problem.”
“The average annual cost to businesses under Obama is higher than under his predecessors, the Bloomberg review shows. The increase is estimated to total…as much as $4.1 billion...The number of significant federal rules, defined as those costing more than $100 million, has gone up under Obama, with 129 approved so far, compared with 90 for Bush, 115 for President Bill Clinton and 127 for the first President Bush over the same period in their first terms.”
With unemployment stuck at 9 percent, Americans want Washington to remove barriers to economic growth, and with the GOP’s Plan for America’s Job Creators, House Republicans are focusing on just that.