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The House today passed a bill requiring Congressional approval for regulations having an economic impact of more than $100 million.
The legislation, dubbed the REINS Act, requires a regulation with an economic impact of more than $100 million annually to be approved by both chambers of Congress before it can take effect. Republicans also attached an amendment that requires agencies, when promulgating new rules, to repeal or amend existing rules to fully offset the economic costs. The House also passed comparable legislation in the last congressional session, but it faltered in the Senate. GOP leaders are taking a renewed crack after President-elect Donald Trump offered his support during the campaign.
Not surprisingly, the Democrats opposed the bill. It is unclear whether the Senate will follow suit, but with Trump in the White House and very much in favor of reducing regulation and the power of the bureaucracy, it is going to be increasingly difficult for the Democrats to block all these legislative bills.