Coats Says Excessive Regulations Are Hindering Private Sector Job Growth
Supports Legislation Enforcing President’s Executive Order to Review Costly Regulations
WASHINGTON, DC – Senator Dan Coats (R-Ind.) today supported the Regulatory Responsibility for our Economy Act (S.358), a bill that would enforce the president’s recent executive order directing federal agencies to review the economic impact of federal regulations.
“Unnecessary regulations handed down by Washington are stifling growth and innovation across the country,” said Coats. “To re-start the engine of America’s economy, our job creators need relief from costly and burdensome mandates, rules and restrictions. This legislation gives teeth to the President’s executive order to reduce unneeded regulations by making it law.”
On January 18, President Obama signed the “Improving Regulation and Regulatory Review” executive order. The president also published an op-ed in the Wall Street Journal detailing the administration’s commitment to reviewing regulations. The Regulatory Responsibility for our Economy Act strengthens and codifies the president’s executive order to ensure it is enforced.
“President Obama promised a laser-like focus on jobs,” said Coats. “This is an opportunity for him to provide leadership and help our small businesses. Now is the time to scale back the overreach of government and support our job creators.”
According to the Government Accountability Office, Washington enacted 43 new regulations in fiscal year 2010, at a total of $26.5 billion. The Small Business Administration estimates that annual total regulatory costs amount to $1.75 trillion.
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