Schock Reins in Costly Regulations
Regulatory Burdens Cost Americans $236.7 Billion Last Year
Washington, DC – Congressman Aaron Schock (R-IL) is continuing his fight to reduce burdensome regulations and costly red tape for employers. Schock has once again co-sponsored the bipartisan Regulations from the Executive in Need of Scrutiny (REINS) Act. The REINS Act which passed the House with bipartisan approval, in the 112th Congress, but sat in the Senate without a vote, was re-introduced today.
“Onerous regulations remain a major concern for small businesses and Illinois households. There have been hundreds of regulations proposed in the last couple of years that would have a profoundly negative impact on communities in Illinois and it’s become a deterrent of economic growth,” said Congressman Aaron Schock. “In many cases rule-makers in Washington have never stepped foot in a local community or business that would be impacted by a new regulation they propose. All the REINS Act does is ensure that elected representatives in Congress have a final say in the approval process.”
When asked by a Chamber of Commerce Small Business Outlook Survey, 78% of small businesses surveyed report the taxation, regulation and legislation from Washington make it harder for their business to hire more employees. According to the World Bank’s Doing Business 2012 report, the U.S. ranks 13th in the world in the ease of starting a new business. The Small Business Administration (SBA) reports that the average annual cost per household from federal regulations is $15,000 and the cost per employee that federal regulations place on small businesses registers in at $10,585.
BACKGROUND ON THE REINS ACT:
The REINS Act originally passed the House of Representatives on December 7, 2011 by a bipartisan vote of 241- 184.