By Megan R. Wilson - 05/28/13 07:51 PM EDT
The Regulatory Accountability Act, introduced last week by a bipartisan group of 16 lawmakers from both chambers, would require extensive cost-benefit analysis of proposed rules with an impact to the economy of $1 million or more. Rules projected to cost $1 billion or more would trigger congressional hearings.
“This legislation is critical to streamlining and simplifying unnecessarily complex, redundant and sometimes contradictory regulations that can stall the engine of our economy,” said Liveris, who is also chairman of the Business Roundtable’s Select Committee on Smart Regulation.
“Done well, regulations can be integral to protecting the economy and the American workforce, as well as protect against fraud, waste and abuse,” he added.
The U.S. Chamber of Commerce was among the first groups to offer support for the Regulatory Accountability Act after it was introduced, saying it would represent the first major improvements to the rulemaking process in 60 years.
“Our regulatory process has not been updated in more than six decades, and as a result, we are seeing a rising number of massive, costly rules that breed uncertainty, drive up costs, and stifle hiring and investment,” Bill Kovacs, senior vice president of regulatory affairs for the U.S. Chamber of Commerce.
Sens. Mark PryorMark PryorCotton pitches anti-Democrat message to SC delegation Ex-Sen. Kay Hagan joins lobby firm Top Democrats are no advocates for DC statehood MORE (D-Ark.) and Rob. Portman (R-Ohio) introduced the Senate version of the bill, with the initial co-sponsorship of Sens. Susan CollinsSusan CollinsPolitical bedfellows of 2016 may be strange but not unheard of Obama creates new national monument in Maine GOP senator considering Libertarian ticket MORE (R-Maine), Bill NelsonBill NelsonNew study. Space, security, and Congress Puerto Rico task force asks for help in charting island's economic course Making the switch to a more competitive freight rail industry MORE (D-Fla.), Joe ManchinJoe ManchinSenator responds to criticism of daughter's EpiPen company The Hill's 12:30 Report Dem Senate candidate: Toomey 'playing politics' with guns MORE (D-W.Va.), Angus KingAngus KingObama creates new national monument in Maine Reid: Dems could force Senate vote on Garland Clinton touts slew of new GOP endorsements MORE (I-Maine), Kelly AyotteKelly AyotteSanders to campaign for Clinton on Labor Day Republicans slam Biden remarks on closing Gitmo GOP: Ship harassment shows US-Iran relations aren't warming MORE (R-N.H.), Mike JohannsMike JohannsTo buy a Swiss company, ChemChina must pass through Washington Republican senator vows to block nominees over ObamaCare co-ops Revisiting insurance regulatory reform in a post-crisis world MORE (R-Neb.) and John CornynJohn CornynThe Hill's 12:30 Report Top Republican questions Lynch on Clinton Foundation probe Baby dies of Zika in Texas MORE (R-Texas).
House Judiciary Committee members Reps. Bob GoodlatteBob GoodlatteFather of slain reporter rails against ‘orange-faced Fuhrer’ GOP chairman denounces FCC media rules GOP preps tough perjury case against Clinton MORE (R-Va.) and Spencer BachusSpencer BachusThe FDA should approve the first disease-modifying treatment for Duchenne Muscular Dystrophy Study: Payday lenders fill GOP coffers Pope Francis encourages building bridges to address challenges MORE (R-Ala.) are co-sponsors of the House companion bill, which gained the support of Reps. Colin Peterson (D-Minn.), Lamar Smith (R-Texas), Bill Owens (D-N.Y.), Howard Coble (R-N.C.) and Kurt Schrader (D-Ore.).
Similar legislation passed the House in 2011, only to die in the Senate.