On the recordDecember 7, 2011
I thank the chairman. Over the past year, I've met with hundreds of businesses throughout the Eighth District of Pennsylvania, and from each of them I've heard a common theme: uncertainty from constant new government regulation is impeding their ability and willingness to invest in our economy, expand their businesses, and to create jobs. In fact, just last night during a town hall, one of my constituents, Gallus Obert, lamented at the fact that new and burdensome regulations have driven small businesses--and with them, jobs--from Bristol Township in Bucks County. This should come as no surprise to any of us. Even President Obama admitted on January 18 that his administration's rules have placed unnecessary strain on businesses and stifled innovation and stifled job growth. Today, small businesses spend more than $10,000 per employee to comply with Federal regulation. Compliance leads to higher consumer costs, lower wages, and reduced hiring. At the same time, the number of new rules and regulations continues to grow with each passing year. Just as our Tax Code is in need of reform, so is our ballooning regulatory system. The REINS Act will provide the American people with both congressional oversight and congressional accountability for regulations stemming from legislation.
