Senators Lankford, Portman, Johnson, Collins, & Ernst Introduce Bill to Provide Regulatory Relief for Businesses & Workers
WASHINGTON, DC – Senators James Lankford (R-OK), Rob Portman (R-OH), Ron Johnson (R-WI), Susan Collins (R-ME), and Joni Ernst (R-IA) today introduced the Independent Agency Regulatory Analysis Act to require independent regulatory agencies to analyze the costs and benefits of new regulations and tailor new rules to minimize unnecessary burdens on the economy and job creators.
For more than 30 years, presidents of both parties have required agencies to analyze the costs and benefits of major new regulations, but this process has always exempted independent agencies, such as the Securities and Exchange Commission, the Commodity Futures Trading Commission, the National Labor Relations Board, and the Federal Communications Commission among others. This legislation would close that gap by authorizing the President to bring independent agencies into the same analysis and review process that governs other regulators. A summary of the bill can be found here.
“We can and should protect Oklahoma families and small businesses from excessive federal regulations that increase costs and create paperwork nightmares just to do business,” said Lankford. “For decades, Executive agencies have been required to assess their regulations through cost-benefit analyses and consider alternatives to direct federal regulations wherever possible. However, independent agencies are exempt from those requirements even though their regulations are just as binding. This bill addresses that disparity by requiring independent agency regulations to be held to the same analytical requirements as Executive Branch agencies to help protect taxpayers’ time and money from overly burdensome federal regulations.”
“We need smarter, more effective regulation that better supports Ohio businesses, working families, and creating more jobs with better wages. Unfortunately, we have too many burdensome regulations from independent agencies that hamstring employer efforts to grow their businesses and create jobs,” Portman said. “This legislation would bring independent agencies under the same regulatory review framework that applies to other federal agencies. These reforms will provide a more predictable and stable economic environment, promoting growth and more jobs with better wages.”
“Poorly targeted and overbroad federal regulations burden American businesses regardless of which agency they come from,” said Johnson. “This bill simply proposes to subject independent agency rules to the same analysis and review applied to other agencies, a regime that presidents of both parties have embraced for over 30 years.”
“Currently, independent agencies are not required to examine the costs and benefits of their regulations on our economy before adopting them,” said Collins. “By requiring these independent agencies to undergo the review processes that applies to all other agencies, this bipartisan bill will help prevent the harm burdensome regulations can cause to small businesses and jobs in Maine and across our country.”