In my Senate Office I have a display of the Federal Register. The Federal Register is the annual output of new rules and regulations released by federal agencies. There is typically a new issue every day, and my display consists of three four-foot tall cabinets. It is common for the Federal Register to reach almost 100,000 pages every year. This is 100,000 pages of new rules and regulations that Americans and American businesses are required to follow.
Not surprisingly, the cost of all these regulations adds up. The cost of federal regulations are estimated to be $2 trillion a year. Because these regulations are issued by federal agencies, those creating the rules aren’t accountable to the American people.
Throughout my time in the Senate I have consistently sponsored the REINS Act. The REINS Act would require any regulation that would cost over $100 million to the economy to receive approval from Congress. This elegant solution would restore accountability to the regulatory process while also reining in the potential for runaway cost to our economy.
During the early days of the Trump Administration, I was proud to be part of the movement to aggressively rollback last minute regulations from the Obama Administration by utilizing the Congressional Review Act.
Prior to COVID, economic metrics were showing that President Trump’s deregulatory agenda was leading to some of the strongest growth our economy had seen in years.
Beyond the economic data, I was encouraged to hear stories from American business owners across a broad range of industries who felt like they could finally breathe again and simply focus on growing their businesses.
It was discouraging to see Biden shut down the Keystone Pipeline and energy production on federal lands within hours of taking office. This action has had a chilling effect on Utah’s energy producers who are currently facing the largest unemployment environment in a state that is surging back into business as COVID restrictions lift. At the same time, energy prices are soaring. Commodity prices are soaring. Supply chains are still broken. The last thing the American economy needs right now is more regulation.
The modern regulatory administrative state is a stark departure from the government envisioned by our Founders. I will continue to fight for a return to a system where the legislative branch makes the rules and the American people can hold them accountable through elections if they go too far.