FreedomWorks is happy to announce that our Bill of the Month for August 2017 is H.R. 2623, the Lessening Regulatory Costs and Establishing a Federal Regulatory Budget Act, sponsored by Rep. Mark Meadows (R-N.C.), chairman of the House Freedom Caucus.
The federal government has played a significant role in the deterioration of our economy by applying burdensome and unnecessary regulations on the American people for decades. Rep. Meadows’ legislation is very simple and would hold our federal government to a new standard in which any new regulatory cost would be balanced by the elimination of an existing regulatory cost. It would also require federal agencies to repeal two regulations for any new regulation proposed.
According to a recent study from 1980 to 2012 the economic growth rate has cumulatively decreased each year by 0.8 percent caused by burdensome regulations. These regulations stifle innovation by forcing businesses to invest in regulatory compliance when they could be investing in products and the American people. The study shows that a loss of $4 trillion, one-fourth of the economy in 2012 is the result of GDP loss associated with regulatory accumulation over the years.
It is crucial that the American people have the freedom of choice within the marketplace and that economic growth is no longer held back by unelected officials creating new regulations in Washington, D.C. This bill would hold agencies accountable by requiring them to submit annual regulatory plans to the OMB. These reports would include new regulation proposals and require the calculation of the economic effects the regulations would have on jobs in the industry.
It is time for the federal government to strengthen congressional and executive oversight of bureaucrats and make way for a pro-growth agenda. This bill has been referred to the Subcommittee on Regulatory Reform, Commercial and Antitrust Law. Don’t forget to ask your representative to support this legislation today.