Today, Senator Jim DeMint (R-SC), chairman of the “Senate Steering Committee, was joined by 11 other Senators to introduce the REINS (Regulations from the Executive In Need of Scrutiny) Act,” according to a press release.
This legislation is intended to restore accountability to the process by which federal agencies finalize major regulations by requiring congressional approval for major regulatory actions. Cosponsors of the REINS Act include U.S. Senators Tom Coburn (R-Oklahoma), John Cornyn (R-Texas), John Ensign (R-Nevada), Mike Enzi (R-Wyoming), Chuck Grassley (R-Iowa), Orrin Hatch (R-Utah), Jim Inhofe (R-Oklahoma), James Risch (R-Idaho), Jeff Sessions (R-Alabama), John Thune (R-South Dakota), David Vitter (R-Louisiana), and Roger Wicker (R-Mississippi). U.S. Congressman Geoff Davis (R-Kentucky) has already introduced similar legislation in the U.S. House, H.R. 3765.
The REINS Act would require that every new major rule proposed by federal agencies be approved via joint resolution passed by both bodies in Congress and signed by the President before they can take effect. A “major rule” is any rule that the administrator of the Office of Information and Regulatory Affairs (OIRA) of the Office of Management and Budget (OMB) finds may result in an annual effect on the economy of $100 million or more; a major increase in costs or prices for consumers; or significant adverse effects on the economy.
(credit image – daylife/getty)