Congress is expected to consider a bill this week which is intended to ensure that U.S. regulatory agencies do not impose unjustified costs on job creators during a time when the U.S. economy can least afford it.
“The Regulatory Accountability Act, H.R. 3010 will help protect farmers, ranchers, and small businesses from an overzealous regulatory regime, “ said U.S Congressman Steve King, (R-Iowa), an original co-sponsor of the bill. The bipartisan bill is part of an ongoing effort to limit new federal regulations King says are detrimental to growth of the economy.
King is especially concerned about new or proposed regulations that he believes will have a negative impact on the agriculture industry because of the time and cost required for compliance. "This is a complaint I hear about a lot from my rural constituents back home in Iowa.”
“In many cases, interest groups try to use regulation to interpret the law in their best interest, instead of following the intent of the law,” according to Rep. Colin Peterson, (D-Minn.), ranking member of the House Agriculture Committee. “By bringing transparency and accountability to the regulatory process, the American people will be allowed to have a voice in these policy decisions.”
The bipartisan effort is the first of its kind in more than a decade to reform and minimize regulations that stifle economic growth. The bill places permanent restrictions on regulatory agencies and restores accountability by requiring openness and transparency in the regulatory process.
"Job creation is the key to economic recovery and small businesses are our nation’s main job creators,” King said in a recent radio address. A recent gallop poll indicates that one in three U.S. small business owners are worried about going out of business.
The bipartisan bill requires that agencies do a better job of determining what regulations are needed before implementing new rules. “It also requires agencies to assess both the costs and benefits of regulations and possible alternatives,” King said.
In the midst of a fragile economy, King believes lawmakers should be looking for ways to improve economic opportunities for jobs creators, not saddling them with more regulations. "H.R. 3010 ensures that regulators do their due diligence.”
Read the text of the Regulatory Accountability Act of 2011