Rae Oliver Davis: “The amendment carves out of the bill essential categories of major regulations. These include all major rules on food…”

“The amendment carves out of the bill essential categories of major regulations. These include all major rules on food safety, workplace safety, consumer product safety, clean water, and clean air. In many cases, these are precisely the agency actions that impose the most cost, do not produce enough benefits, and do not faithfully implement the intent of the people's representatives in the Congress and in the Senate. A good example is the Environmental Protection Agency's recent proposal to control mercury emissions from coal and oil-fired power plants. EPA estimated that the rule would cost $11 billion annually to achieve at most just $6 million in total mercury reduction benefits. That is an 1,833 to 1 cost-benefit ratio. Most of the benefits EPA identified to justify the rule had nothing to do with the control of hazardous air pollution. Proponents of the regulation have nothing to fear from the REINS Act. When agencies prepare good major regulations, Congress will be able to approve them. This provides agencies with a powerful incentive to get major regulations right the first time. Think about this from the perspective of the mercury regulation that had the 1,833 to 1 cost-benefit ratio. Who do you think is going to pay for that? The mistake that is made in the arguments saying that it's the rich on Wall Street who benefit are entirely wrong. It's hardworking taxpayers.…”