Senator Lankford Subcommittee Examines the Effects of Regulations on Businesses and the Economy
WASHINGTON, DC – The Senate Homeland Security and Governmental Affairs Subcommittee on Regulatory Affairs and Federal Management, under the chairmanship of Senator James Lankford (R-OK) today held a hearing to review how the Administration’s regulatory policy has influenced the US economy.
“There are necessary regulations that provide guidelines to protect the safety of families and businesses, but we do not need to overregulate to the point that we excessively burden small and large business and ultimately the economy in general,” said Lankford. “Regulations are not all bad, but there is a limit to how much regulation a business or an economy can manage. I have worked with my Senate colleagues on both sides of the aisle to find ways to provide long-term regulatory stability, which will increase our GDP and act as a natural defense to a possible economic recession. When any regulation is considered, we should assess the full impact of the rule, consult with state, local, and tribal governments, and hear from small business owners at every step of the process. Today’s hearing will assist the Subcommittee as we continue to consider bills to provide more clarity to families and businesses that are directly impacted by federal regulations.”
During the Senate Homeland Security and Governmental Affairs full-committee markup on Wednesday, the Committee unanimously passed Lankford’s bill, The Reforming Government Act of 2018, to give the Executive Branch the authority to reorganize federal agencies and allow the Administration to implement ideas in its proposal, “Reorganizing the US Office of Personnel Management.” In July, Lankford chaired a Subcommittee hearing to examine the proposed reorganization plan.
CLICK HERE to view the full hearing video and opening statements.