The REINS Act, also known as the Regulations From the Executive in Need of Scrutiny Act, passed the U.S. House on a 241-to-184 vote yesterday. The bill, sponsored by Kentucky Congressman Geoff Davis, would require Congress to scrutinize every new “major rule” – i.e., a rule with an annual effect on the economy of $100 million or more – proposed by the executive branch and affirmatively approve any such rule before it is enforced on the business community.
In a letter to Rep. Davis, the Chamber voiced support for the REINS Act, believing it would restore a much-needed balance of power that ensures our elected officials have a voice in the adoption of major rules. Complying with multiple layers of complex regulation diverts valuable resources that could be used for business expansion and job growth. Despite broad support for the bill in the House, it is unlikely to be taken up by the Senate.