There is no doubt that federal regulations have increased over the past few years. Heritage Foundation policy expert James Gattuso explains:
106 new major regulations—each imposing $100 million or more in new costs on Americans—were adopted in the first three years of President Obama’s tenure…In dollar terms, the acceleration is even starker, with $46 billion in new burdens being assessed since January 20, 2009.
In an attempt to combat the economic burden of federal regulations, the House of Representatives passed legislation that aims to reduce the red tape. The major reform proposed by the House would ban the adoption of new regulations until our unemployment rate is less than 6 percent. While this freeze will not cure the economy, it sends a strong message to regulators that our economy does not need any more restrictions.
Combined with other reforms already approved by the House, these reforms represent a major step toward limiting the regulatory burden on the economy, job creators and American consumers.
Do you think regulations are holding the economy back?