GOP senator unveils regulatory budget bill

Sen. Mike Lee unveiled legislation Wednesday that would force the president to draft a separate annual budget request for regulations.

Under the Regulatory Budget Act, introduced in both the House and Senate, Congress would be required to approve a budget specifically for regulations. The act would set caps on regulatory costs in tandem with the fiscal budget.  

{mosads}The bill, backed by Reps. Mark Walker (R-N.C.), Jeb Hensarling (R-Texas) and Dave Brat (R-Va.), would, for the first time, require Congress to vote on the total regulatory costs each agency is allowed to impose on the economy.

The legislation is part of the Article I project Lee started with Rep. Jeb Hensarling (R-Texas), an initiative he’s undertaken to reassert Congress’s powers under Article I of the Constitution. The project covers the regulatory, budget process and civil service reforms.

“Earning back the American people’s trust is the chief objective of the Article I Project’s agenda to re-empower Congress,” Lee said during an event at the Hillsdale College Kirby Center on Wednesday.

“And it’s why today we’re introducing the Article I Regulatory Budget Act – a bill that will put the Legislative Branch back in charge of lawmaking and, by extension, put the American people back in charge of Washington.”

FreedomWorks lauded the legislation, saying it will help rein in the regulatory state.

“This legislation needs to become law to help combat the regulatory state, hopefully resulting in its reduction and eventual elimination,” FreedomWorks’ Director of Government Relations Neil Siefring said in a statement. “Congress needs to reclaim its constitutional role as the lawmaking branch of the federal government and take back its powers from progressive regulators who are working around Congress. It can do that by passing the Regulatory Budget Act.”