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 CollinsRepublican opposition to raising the minimum wage Is crumbling 5 takeaways from the Indiana Senate debate GOP senators avoid Trump questions on rigged election MORE (R-Maine), Bill NelsonBill NelsonFederal agency under fire for selling recalled cars Senators offer renewed hope of ending hotel booking scams Yahoo hack spurs push for legislation MORE (D-Fla.), Joe ManchinJoe ManchinTrump questions hound endangered Republican Dems to McConnell: Pass 'clean' extension of Iran sanctions Convicted ex-coal boss says he’s a ‘political prisoner’ MORE (D-W.Va.), Angus KingAngus KingBetter child care for stronger families Wells CEO Stumpf resigns from Fed advisory panel Pentagon chief: 9/11 bill could be used against US troops MORE (I-Maine), Kelly AyotteKelly AyotteHigh anxiety for GOP Trump: 'Very disappointed' GOP senator dropped support NH poll: Dem challenger pulls ahead of Ayotte 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 CornynReport: Investor visa program mainly funds wealthy areas GOP senators avoid Trump questions on rigged election Conservatives backing Trump keep focus on Supreme Court MORE (R-Texas).
House Judiciary Committee members Reps. Bob GoodlatteBob GoodlatteReport: Investor visa program mainly funds wealthy areas FTC proposes reforms to crack down on patent trolls GOP chairmen slam 'unusual restrictions' on FBI Clinton probe 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.