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Washington, DC – Congressman Brett Guthrie (KY-02) announced Wednesday, December 7, 2011, the House passed H.R. 10, Regulations From the Executive in Need of Scrutiny (REINS) Act. 

The legislation, which was introduced by Rep. Geoff Davis (KY-04), ensures congressional review and approval of any government regulation that has an impact on the economy of $100 million or more.

“One of the top priorities for the 112th Congress has been to put a halt to the over-regulation coming from unelected bureaucrats. In America today, small businesses spend an estimated $10,500 per employee to comply with federal regulations,” Congressman Guthrie said.

“For two and a half years, bureaucrats have overreached with new regulations while hiding the staggering costs. The REINS Act is needed now more than ever, as the new health care bill and financial services bill have directed the executive branch and federal agencies to create new rules and regulations.”                                              

The REINS Act, an idea originally suggested to Rep. Davis by a constituent at a town hall meeting, would apply to all new major regulations.  The bill defines major regulations as those that the Administrator of the Office of Information and Regulatory Affairs (OIRA) of the Office of Management and Budget (OMB) finds has resulted, or is likely to result, in either an annual effect on the economy of $100 million or more, or a major increase in costs or prices for consumers, individual industries, Federal, State, or local government agencies.  There were 95 final major regulations in 2008, 84 in 2009, and 100 in 2010.