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Require Congressional approval of “economically significant regulation.”

Business regulatory compliance costs U.S. businesses tens of billions of dollars annually. To help address this, the Administration should increase industry’s participation in the federal rule-making process, which would likely help reduce the complexity of regulatory compliance, emphasize cost/benefit analysis, and restrict the executive branch’s impulse to “legislate by regulation.” Moreover, Congress should consider passing the “Regulations from the Executive in Need of Scrutiny” (REINS) Act, which would require both houses of Congress to affirmatively approve, and the President to sign, any “economically significant regulation,” defined as any administrative rule with a projected impact to the U.S. economy exceeding $100 million, before it becomes law.