This is a major victory for us who despise too much regulation. From Reason:
Sponsored by Sen. Ran Paul (R-Kentucky), the REINS Act would require every new regulation that costs more than $100 million to be approved by Congress. As it is now, executive branch agencies can pass those rules unilaterally, and even though those major rules account for only 3 percent of annual regulations, they are the ones that cause the most headaches for individuals and businesses.
Passage of the REINS Act would also require Congress to review all existing regulations that surpass the $100 million threshold. Since there’s no clear accounting of how many such rules exist, assessing the landscape would be a necessary step before reforms could be enacted.
Paul’s office released this statement to celebrate the passage of the bill:
Read more at LegalInsurrection
“For too long, an ever-growing federal bureaucracy has piled regulations and red tape on the backs of the American people without any approval by Americans’ elected representatives,” said Dr.