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 CollinsPruitt sworn in as EPA chief Comey meets Intel senators amid uproar over Trump-Russia ties EPA breaks Twitter silence to congratulate new head MORE (R-Maine), Bill NelsonBill NelsonSenate advances Trump's Commerce pick CMS nominee breezes through confirmation hearing Net neutrality fix faces hard sell MORE (D-Fla.), Joe ManchinJoe ManchinPruitt confirmation sets stage for Trump EPA assault Pruitt sworn in as EPA chief EPA breaks Twitter silence to congratulate new head MORE (D-W.Va.), Angus KingAngus KingSenate advances Trump's Commerce pick Angus King opposing Mnuchin, Price nominations Senate confirms Tillerson as secretary of State MORE (I-Maine), Kelly AyotteKelly AyotteLewandowski saw no evidence of voter fraud in New Hampshire NH governor 'not aware’ of major voter fraud Former NH AG: 'Allegations of voter fraud in NH are baseless' 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 CornynAngst in GOP over Trump's trade agenda Republicans play clean up on Trump's foreign policy Comey meets Intel senators amid uproar over Trump-Russia ties MORE (R-Texas).
House Judiciary Committee members Reps. Bob GoodlatteBob GoodlatteHouse Dem: 'Are we witnessing the first Manchurian presidency?' Several Hispanic Dems denied entry to meeting with ICE Gingrich calls for investigations into intel leaks MORE (R-Va.) and Spencer BachusSpencer BachusSpencer Bachus: True leadership The FDA should approve the first disease-modifying treatment for Duchenne Muscular Dystrophy Study: Payday lenders fill GOP coffers 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.