by Brenée Goforth
Communications Associate, John Locke Foundation
This month, the Platte Institute published a report written by JLF’s Jon Sanders. The report is on a potential REINS act in Nebraska; REINS is an acronym for Regulations from the Executive In Need of Scrutiny. The report defines the function of REINS like this:
Under REINS, economic cost estimates must be prepared for proposed rules. Each regulation would receive economic analysis to quantify the dollar amount of economic costs it is expected to have on the state’s economy. If that cost estimate exceeds a certain threshold amount set by the Legislature in the REINS text, the rule would be considered a major regulation. For example, in the Florida law, the threshold is an adverse impact or direct or indirect increase of regulatory costs on small business by $200,000 in a year (i.e., $1 million in five years).
Sanders’ report on the REINS act has recently been receiving coverage in multiple news outlets. Nebraska’s KTIC reported on the publication stating:
The report says slowing the growth of ‘red tape’ would make a stronger climate for economic growth by prompting agencies to be more mindful of the economic impact of proposed rules, and inducing legislators to take greater care not to over-task those agencies.
Sanders was also quoted in the Scottsbluff Star Herald as saying:
“Regulations are like hidden taxes,” he said. “They’re an important policy variable, but they’re often overlooked because their costs are hidden. They’re no less real but aren’t as easily measurable as taxes.”
Read a full copy of the report here.
Sanders has written extensively on how North Carolina could benefit from a REINS Act; read more here.