The writer of a Bloomberg Businessweek article on the federal Regulations from the Executive in Need of Scrutiny (REINS) Act seems shocked that some members of Congress believe they — rather than unaccountable bureaucrats — should take responsibility for major new regulations.
In January, Speaker John Boehner (R-Ohio) called the bill “one of the first steps House Republicans are taking to fulfill our obligations to the American people.” It would require every major rule—defined as any with an annual economic impact of $100 million or more—to be approved by both houses of Congress before it can take effect. This would have to happen within 70 legislative business days, and the President would then have to add his signature. Any hiccup along the way and the regulation dies.
While the article focuses on the negative impact the legislation could have on regulations, it ignores the positive impact of increased accountability. If the benefits of the regulation outweigh its costs, members of Congress and the president should be able to vote in favor of it.
Regulatory reform makes sense for more than just the federal government; Daren Bakst has listed some suggestions for reforming regulations in North Carolina.
