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 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: 3.6M signed up for ObamaCare in first month | Ryan pledges 'entitlement reform' next year | Dems push for more money to fight opioids Study: ObamaCare bills backed by Collins would lower premiums Right scrambles GOP budget strategy MORE (R-Maine), Bill NelsonClarence (Bill) William NelsonOvernight Health Care: Ryan's office warns he wasn't part of ObamaCare deal | House conservatives push for mandate repeal in final tax bill | Dem wants probe into CVS-Aetna merger Ryan's office warning he wasn't part of deal on ObamaCare: source Overnight Health Care: Funding bill could provide help for children's health program | Questions for CVS-Aetna deal | Collins doubles funding ask for ObamaCare bill MORE (D-Fla.), Joe ManchinJoseph (Joe) ManchinTrump rips Dems a day ahead of key White House meeting Senate panel moves forward with bill to roll back Dodd-Frank Wealthy outsiders threaten to shake up GOP Senate primaries MORE (D-W.Va.), Angus KingAngus Stanley KingTrump rips Dems a day ahead of key White House meeting Trump pushing Maine gov to run for Senate: report Schumer: Franken should resign MORE (I-Maine), Kelly AyotteKelly Ann AyotteExplaining Democratic victories: It’s gun violence, stupid Trump voter fraud panel member fights back against critics Dems plan to make gun control an issue in Nevada MORE (R-N.H.), Mike JohannsMike 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 CornynMcConnell names Senate GOP tax conferees Air Force makes criminal reporting changes after Texas massacre We need a better pathway for allowing civilians to move guns across state lines MORE (R-Texas).

House Judiciary Committee members Reps. Bob GoodlatteRobert (Bob) William GoodlatteRosenstein to testify before House Judiciary Committee next week Conservative pressure on Sessions grows Clock ticking down on NSA surveillance powers MORE (R-Va.) and Spencer BachusSpencer Thomas BachusTrump bank nominee gets rough reception at confirmation hearing Overnight Finance: Breaking - GOP delays release of tax bill | Changes to 401(k)s, state and local taxes hold up bill | Trump aims to sign tax legislation by Christmas | Hensarling to retire after term | Trump to repeal arbitration rule Senators, don't put Ex-Im Bank's fossil fuel financing back in business 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.