CEOs put their stamp of approval on regulations bill

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 Lunsford PryorMedicaid rollback looms for GOP senators in 2020 Cotton pitches anti-Democrat message to SC delegation Ex-Sen. Kay Hagan joins lobby firm MORE (D-Ark.) and Rob. Portman (R-Ohio) introduced the Senate version of the bill, with the initial co-sponsorship of Sens. Susan CollinsSusan Margaret CollinsOvernight Health Care: House passes .3T omnibus | Bill boosts funds for NIH, opioid treatment | Senators spar over ObamaCare fix | 'Right to Try' bill heads to the Senate Winners and losers from the .3T omnibus Senators introduced revised version of election cyber bill MORE (R-Maine), Bill NelsonClarence (Bill) William NelsonSenate GOP chairman calls on Zuckerberg to testify Students bash Congress for inaction on gun control Democrats desperate for a win hail spending bill MORE (D-Fla.), Joe ManchinJoseph (Joe) ManchinThe Hill's 12:30 Report Democrats desperate for a win hail spending bill Coal miners' union to endorse Manchin MORE (D-W.Va.), Angus KingAngus Stanley KingLindsey Graham: Trump firing Mueller would 'probably' be impeachable offense Angus King: McCabe firing seemed 'mean-spirited' With bills on the table, Congress must heed the call to fix our national parks MORE (I-Maine), Kelly AyotteKelly Ann AyotteAudit finds US Defense Department wasted hundreds of millions of taxpayer dollars US sends A-10 squadron to Afghanistan for first time in three years No, the US did not spend million on a gas station in Afghanistan MORE (R-N.H.), Mike JohannsMichael (Mike) Owen JohannsFarmers, tax incentives can ease the pain of a smaller farm bill Lobbying World To buy a Swiss company, ChemChina must pass through Washington MORE (R-Neb.) and John CornynJohn CornynSenate approves .3 trillion spending bill, sending to Trump GOP senator threatened to hold up bill over provision to honor late political rival: report Overnight Health Care: House passes .3T omnibus | Bill boosts funds for NIH, opioid treatment | Senators spar over ObamaCare fix | 'Right to Try' bill heads to the Senate MORE (R-Texas).

House Judiciary Committee members Reps. Bob GoodlatteRobert (Bob) William GoodlatteDoug Collins to run for House Judiciary chair House Judiciary chair subpoenas DOJ for FBI documents House Judiciary chair to subpoena for FBI documents MORE (R-Va.) and Spencer BachusSpencer Thomas BachusManufacturers ramp up pressure on Senate to fill Ex-Im Bank board Bipartisan group of House lawmakers urge action on Export-Import Bank nominees Overnight Finance: Trump, lawmakers take key step to immigration deal | Trump urges Congress to bring back earmarks | Tax law poised to create windfall for states | Trump to attend Davos | Dimon walks back bitcoin criticism 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.