Scrutiny Law Passes
House of Representatives
Requires Congressional Action Before Major Rules
May Take Effect
On January 5, the House or Representatives passed the Regulations from the Executive in Need of Scrutiny( REINS) Act( H. R. 26) by a vote of 237 to 187. The legislation increases accountability and transparency in the federal regulatory process by requiring Congress to approve all major rules before taking effect. As part of the bill, a“ major rule” means any rule, including an interim final rule, that the Administrator of the Office of Information and Regulatory Affairs of the Office of Management and Budget finds has resulted in or is likely to result in the following:
• An annual effect on the economy of $ 100 million or more;
• A major increase in costs or prices for consumers, individual industries, federal, state, or local government agencies, or geographic regions; or
• Significant adverse effects on competition, employment, investment, productivity, innovation, or on the ability of United States-based enterprises to compete with foreign-based enterprises in domestic and export markets.
The REINS Act will prevent federal regulatory agencies from adopting & implementing rules without consideration of the impact to business.
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JANUARY 2017 • DITCHMEN 11