Washington, D.C. – On Tuesday, Congressman Bob Latta (R-OH) joined in supporting the passage of H.R. 427, the Regulations from the Executive in Need of Scrutiny Act of 2015, through the U.S. House of Representatives. Rep. Latta was a cosponsor of the legislation.
Estimates show federal regulations cost nearly $1.9 trillion last year, with 3,554 new regulations imposed on American businesses in 2014 alone. That burden is stifling America’s job creators and families, at the equivalent of $14,976 per U.S. household and 11.5% of real Gross Domestic Product.
“72% of small businesses reported that regulations were hurting their ‘operating environment’. This is a crushing blow to America’s job creators and working men and women. These costs are particularly harmful to our many small and rural companies, who are currently forced to bear the burden of these unnecessary federal regulations,” said Latta.
Regulations are a serious burden in the 5th District. During the past year, when I was touring a small business that had 10 employees, they had to hire an 11th as a compliance officer – just to deal with all the new regulations. This Bill will create an environment that would allow our region’s employers to thrive.”
H.R. 427 amends the Congressional Review Act (CRA) to require congressional approval of major agency regulations before those regulations can go into effect.
Specifically, the bill requires Congress to pass, and the President to sign, a joint resolution approving a new major regulation issued by a regulatory agency before the regulation may take effect, instead of requiring Congress to disapprove of such regulations.
“For too long, unelected Washington bureaucrats have placed unnecessary burdens on America’s hardworking men and women who create jobs for their neighbors. This Act restores congressional responsibility and accountability in the regulatory process so that the elected representatives of the people can be held accountable to their constituents, and create the environment most conducive to economic growth.”