Don Nickles: “At the end of the subtitle, add the following: SEC. . ECONOMIC AND EMPLOYMENT IMPACT ACT. (a) Short Title.--This section…”

“At the end of the subtitle, add the following: SEC. . ECONOMIC AND EMPLOYMENT IMPACT ACT. (a) Short Title.--This section may be cited as the ``Economic and Employment Impact Act''. (b) Findings and Purposes.-- (1) Findings.--The Congress finds that-- (A) compliance with Federal regulations is estimated to cost the private sector and State and local government as much as $850,000,000,000 a year; (B) excessive Federal regulation and mandates increase the cost of doing business and thus hinder economic growth and employment opportunities; (C) State and local governments are forced to absorb the cost of unfunded Federal mandates; and (D) in addition to budget and deficit estimates, Congress and the executive branch decision makers need to be aware of regulatory cost impacts of proposed Federal actions on the private sector and State, local, and tribal governments. (2) Purposes.--The purposes of this section are-- (A) to ensure that the people of United States are fully apprised of the impact of Federal legislative and regulatory activity on economic growth and employment; (B) to require both the Congress and the executive branch to acknowledge and to take responsibility for the fiscal and economic effects of legislative and regulatory actions and activities.”