Republicans act to curb U.S. regulation; Democrats poised for fight

Published 01/05/2017, 09:41 PM
Updated 01/05/2017, 09:50 PM
© Reuters. Goodlatte speaks with fellow members on the House floor on the first day of the new session of Congress in Washington

By Lisa Lambert and Richard Cowan

WASHINGTON (Reuters) - Republicans lawmakers on Thursday pressed ahead in trying to strip down U.S. regulations, with the House of Representatives passing a bill that requires Congressional approval of major rulemakings that could affect areas ranging from the environment to education.

The House voted 237 to 187 on legislation known as the "REINS Act" that is intended to keep agencies from pumping out new rules.

"Excessive regulation means higher prices, lower wages, fewer jobs, less economic growth and a less competitive America," House Judiciary Committee Chairman Bob Goodlatte said before the vote, echoing the anti-regulation sentiment popular in his party.

President-elect Donald Trump has promised to roll back regulation, saying it would boost economic growth.

The Judiciary Committee's senior Democrat, John Conyers, called the REINS Act "gumming-the-works legislation" that imposes unworkable deadlines and prescribes convoluted procedures in order to "end rulemaking as we know it."

"Without question, it was the lack of regulatory controls that facilitated rampant predatory lending, which nearly destroyed our nation’s economy," Conyers said, referring to the 2007-09 financial crisis and recession. "It led to millions of home foreclosures and devastated neighborhoods across America. In fact, it nearly caused a global economic meltdown." 

On Wednesday, the House passed a bill giving Congress the power to kill dozens of new rules at once. On Thursday Republican Senator Ron Johnson introduced an identical companion bill in the Senate.

The legislation would allow lawmakers to bundle a variety of rules finalized since May together for a single vote of disapproval. Under a law known as the Congressional Review Act, Congress currently can only vote to void rules one-by-one. That could take days, given the high number of recently enacted rules that rankle Republicans on energy, the environment, transportation, finance, education and communications.

Disapproval votes require simple majorities to pass.

Senate Democrats, however, are poised to block Johnson's bill and most other anti-regulation legislation. Many in the party believe regulations benefit and protect individuals.

While Republicans control Congress, and in a couple of weeks will take over the White House, Democrats can cripple their efforts through Senate filibusters and possibly start a protracted fight over regulations.

© Reuters. Goodlatte speaks with fellow members on the House floor on the first day of the new session of Congress in Washington

"This legislation would make the process much quicker, but I’m committed to working as long as we need to in order to take advantage of the Congressional Review Act," Johnson said. "We ought to work 24-7 if necessary to bring regulatory relief to American consumers and businesses."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.