In an attempt to cut down on the growth of federal government regulations and red tape aimed at businesses, Oklahoma U.S. Sen. James Lankford joined forces this week in introducing a new government act.
He was joined by GOP Sens. Rob Portman of Ohio, Ron Johnson of Wisconsin, Susan Collins of Maine and Joni Ernst of Iowa in introducing the Independent Agency regulatory Analysis Act. It would 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.
“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.”
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.