Todd Young: “Compliance with costly Federal regulations leads to higher consumer costs, lower take-home pay, and even reduced hiring.…”

“Compliance with costly Federal regulations leads to higher consumer costs, lower take-home pay, and even reduced hiring. A businessowner who owns a parts manufacturing company in Wabash, Indiana, summed it up best. From his standpoint, when it comes to the vast array of rules and regulations his company must follow, they are not only onerous; they add zero value to his business, and they put him at a competitive disadvantage to foreign competition. We could, frankly, spend a lot more time than today here on the floor going through each of the different challenges with our Federal regulation system, but in the end, Congress needs to be forced to account for the regulations resulting from our sweeping legislation like ObamaCare and Dodd-Frank. The REINS Act accomplishes this objective. The REINS Act, like the Hoosiers I represent, demands accountability. I commend it to the consideration of all my colleagues.”