March 04, 2015
WASHINGTON, D.C. – The U.S. Chamber of Commerce today announced its support for the Regulatory Improvement Act, legislation authored by U.S. Senators Angus King (I-Maine) and Roy Blunt (R-Mo.) that would create a Regulatory Improvement Commission to review outdated regulations with the goal of modifying, consolidating, or repealing regulations in order to reduce compliance costs, encourage growth and innovation, and improve competitiveness.
“American businesses expend a considerable amount of time and money on compliance with federal regulations – time and money that could be better spent creating jobs and growing the economy,” wrote R. Bruce Josten, Executive Vice President of Government Affairs, in a letter to Senators King and Blunt. “…The Chamber supports regulatory reform that restores federal accountability, ensures greater transparency and stakeholder participation, and ensures safe and swift permitting, while minimizing undue burdens and costs on businesses. The Chamber thanks you for your leadership in addressing this very important issue.”
The full text of the letter can be read HERE.
“Duplicative and cumbersome regulations can sometimes mean the difference between a business’s success and a business’s failure,” Senator King said. “We need a better process to review the efficacy of these regulations and to ensure they’re achieving their intended purpose – rather than unnecessarily burdening businesses and stifling economic growth. Our legislation is a path forward to establishing regulatory order, and I am grateful to have the support of the U.S. Chamber of Commerce.”
The Regulatory Improvement Act, which Senators King and Blunt intend to reintroduce next week, employs a balanced approach to evaluating existing regulations – one that involves identifying regulations that are not essential to broad priorities like the environment, public health, and safety, but instead are outdated, duplicative, or inefficient. The goal of the Commission is to complement existing processes and to create a mechanism that acts expeditiously and incorporates wide stakeholder input.
Members of the bipartisan Commission will be appointed by Congressional leadership and the President and will give particular attention in their review to the impact of regulations on small businesses. Upon an extensive review process, involving broad input from the general public and stakeholders, the Commission will submit to Congress a report containing regulations in need or streamlining, consolidation, or repeal.
Both Houses of Congress will then consider the Commission’s report under expedited legislative procedures, which allow relevant Congressional Committees to review the Commission’s report but not amend the recommendations. The bill will then be placed on the calendar of each house for a straight up-or-down vote.
The legislation has also been endorsed by the National Federation of Independent Business.