News coverage about public policy tends to focus on Congress and the President, and the legislative battles they fight.   As important as these battles are for our Country, some of the most significant policy threats to free people and competitive markets come from federal rule making and not just the legislative process.

There are multiple studies looking at the economic impact of Federal regulations, with the most common estimates projecting a cost of between $1.9 and $2.1 Trillion annually.  This amount approaches 10% of U.S. GDP and shackles American competitiveness.

This cost comes from a long and sustained growth in the number federal regulations and the complexity of federal rules which govern our lives and strangle our economic competitiveness.  Making matters worse, small companies, innovators, and the next generation of entrepreneurs carry disproportionate risk since they are less able to sustain the cost of compliance with complex regulations.
 
Congress is not only permitted—but also constitutionally required—to decide major questions of nationwide policy. The REINS Act bolsters that mandate by giving Congress the legislative power to approve major rules before they go into effect. 
 
The REINS Act broadens the Congressional Review Act to require congressional approval of major rules—those with an annual price tag of $100 million or more—before federal agencies may implement a new rule.
 
Passing the REINS Act is an important first step toward reining in the growth of federal regulation and unleashing the American economy.