Adrian Smith: “I am pleased to speak today about the Regulations from the Executive in Need of Scrutiny, or the REINS, Act. This bill…”

“I am pleased to speak today about the Regulations from the Executive in Need of Scrutiny, or the REINS, Act. This bill, which I have cosponsored, restores accountability to the regulatory process by requiring an up-or-down vote in Congress and the President's signature on any new major rule before it is enforced on the American people. Over-regulation, Mr. Speaker, is devastating our economy and hindering job growth. Of the current administration's new regulations, 200 are expected to cost more than $100 million each. Seven of those new regulations, however, will cost the economy more than $1 billion each. At the current pace, the current regulatory burden for 2011 alone will exceed $105 billion. And the Federal Government has created more than 81.9 million hours' worth of paperwork this year alone, costing employers $80 billion just in compliance. It's no wonder a recent Gallup Poll found small business owners citing ``complying with government regulations'' as ``the most important problem'' they face. Nebraskans have not been immune to the reams of red tape being handed down by Federal regulators. Just yesterday it was reported the city of Grand Island, Nebraska, population 51,000, will be saddled with a $3.2 million compliance cost due to a new Federal emissions regulation. This EPA Cross-State Air Pollution Rule was finalized June 1 and will be enforced January 1. But this is only one example.…”