National Regulatory Budget Act Introduced in HouseJuly 30, 2014
Recently, Reps. Steve Scalise (R-La.) and Doug Collins (R-Ga.) introduced the NSBA-supported House companion bill to the National Regulatory Budget Act of 2014 (S. 2153), introduced by Sen. Marco Rubio (R-Fla.) in March of this year. The House bill, H.R.5184, mirrors the Senate bill and, if enacted, would establish a new process for the reporting of the economic costs for federal regulations. NSBA played a critical role in developing the idea of a National Regulatory Budget and is an ardent supporter of its aim to ensure fairness and commonsense in the federal regulatory process. NSBA is urging lawmakers to register their support for the legislation.
Specifically, this legislation would provide for a regulatory budget process where Congress would establish caps for each federal agency on the total economic cost of new federal regulations to be implemented in the coming fiscal year. H.R.5184 would establish the Office of Regulatory Analysis (ORA), which would be required to provide an annual regulatory analysis of federal rules for the upcoming fiscal year and their estimated cost on the economy. This legislation also would require that all newly proposed regulations receive an ORA estimate before being implemented and agencies that fail to comply with the ORA would be subject to a 0.5 percent reduction in their appropriation based on their previous budget amount.
“I applaud Reps. Scalise and Collins for their leadership in this very critical effort in the House,” said Todd McCracken, President and CEO of NSBA, “Regulatory burdens are consistently ranked among the top challenges facing America’s small businesses and this legislation would bring much needed reform to the regulatory process.”
NSBA enthusiastically supports the National Regulatory Budget Act, and looks forward to working with Reps. Scalise and Collins to help enact this critical piece of legislation.
Please click here to read NSBA’s letter of support for the National Regulatory Budget Act of 2014.