House Votes To End All Major New Rules, Again

Michael McAuliff, Huffington Post
Tue, 07/28/2015 - 5:22pm

(function(){var src_url="https://spshared.5min.com/Scripts/PlayerSeed.js?playList=518974580&height=381&width=570&sid=577&origin=undefined&videoGroupID=155847&relatedNumOfResults=100&responsive=false&relatedMode=2&relatedBottomHeight=60&companionPos=&hasCompanion=false&autoStart=false&colorPallet=%23FFEB00&videoControlDisplayColor=%23191919&shuffle=0&isAP=1&pgType=cmsPlugin&pgTypeId=addToPost-top&onVideoDataLoaded=track5min.DL&onTimeUpdate=track5min.TC&onVideoDataLoaded=HPTrack.Vid.DL&onTimeUpdate=HPTrack.Vid.TC";if (typeof(commercial_video) == "object") {src_url += "&siteSection="+commercial_video.site_and_category;if (commercial_video.package) {src_url += "&sponsorship="+commercial_video.package;}}var script = document.createElement("script");script.src = src_url;script.async = true;var placeholder = document.querySelector(".js-fivemin-script");placeholder.parentElement.replaceChild(script, placeholder);})(); WASHINGTON -- A bill that critics say would make any significant new regulation all but impossible easily passed the House Tuesday. The measure, known as the REINS Act, for Regulations from the Executive In Need of Scrutiny, would require the Obama administration to first weigh the potential costs of any new significant regulation -- not just public health or other benefits -- and then give Congress the power to squash any new rule with large economic impacts, set at $100 million or more. Under the legislation, if Congress failed to act on a new regulation within 70 legislative days, the regulation would effectively be blocked, regardless of whatever harm it was meant to address. Supporters of the bill said it's needed because endless government regulations are crushing small businesses.

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