Biz groups push for regulatory reform in new Congress

More than 300 business and industry groups are calling on House leadership to make regulatory reform legislation a priority in the new Congress.

{mosads}In a letter to House Speaker Paul Ryan (R-Wis.) on Monday, the groups — led by the U.S. Chamber of Commerce — said the Regulatory Accountability Act “would make the regulatory process more transparent, agencies more accountable for their decisions and regulations better-tailored to achieve their purpose without unnecessary burdens on stakeholders.”

The legislation, last introduced in January by Reps. Bob Goodlatte (R-Va.) and Colin Peterson (D-Minn.), would force agencies to chose the least costly option when adopting final regulations unless the agency can show a costlier option is needed to protect public health, safety or welfare.

The rule also restricts agencies’ use of interim final rules, requires on-record hearings and advance notice of proposed rulemaking for all rules with economic price tags of $100 million or more and allows the public to petition to amend or repeal a rule.

“The Regulatory Accountability Act would allow Congress and the public to reassert control over a federal regulatory bureaucracy that is opaque, unaccountable and often unfair,” said the letter, signed by groups like the Associated General Contractors of America, the National Association of Manufacturers and the National Council of Chain Restaurants.

“Therefore, the undersigned groups strongly support the Act, and urge that this legislation be given high priority as the House begins the new legislative session.”