On the recordFebruary 2, 2016
we all know that our economy is overregulated, and this overregulation undermines our ability to grow our economy and create good jobs. I am sure all the Senators know that just this last quarter we grew at 0.7 percent GDP growth. We can't even break 1 percent GDP growth now. Take a look at this chart. This is one of the big problems. Federal regulations only grow. They only grow year after year. They never go away. They are never sunsetted. Even President Obama recognizes this is a problem. In his State of the Union address, the President said: ``I think there are outdated regulations that need to be changed. There is red tape that . . . [must] be cut.'' My amendment is an opportunity to do just that. It is a simple, one- in, one-out requirement for agencies. When an agency issues a new reg, it has to sunset or get rid of an old reg. Now, it is up to the agency to choose which reg it is going to get rid of, but it has to abide by the one-in, one-out rule. This is not a partisan idea. In fact, this is becoming a consensus idea. The PRESIDING OFFICER. The time of the Senator has expired.
