7/23 @ 10:00 AM ET | GOP Leadership Press Conference - WATCH LIVE HERE

Today, the House will vote on the Regulations from the Executive in Need of Scrutiny (REINS) Act, legislation introduced by Rep. Geoff Davis (R-KY) that will put a check on the Obama Administration’s ability to impose excessive new rules from Washington that will have a significant impact on jobs and the economy.  According to the Heritage Foundation, the cost of major new regulations skyrocketed in 2010 to an estimated $26.5 billion.  By the Administration’s own count, there are more than 200 more major regulations in the works that would each cost the economy $100 million or more.  The following chart, courtesy of the Heritage Foundation, shows how costly the Obama Administration’s spike in major new regulations is for jobs and the economy:

A study released last week by the Federal Reserve Bank of Cleveland found that – were it not for all of the uncertainty created by the onslaught of new rules being handed down by Democrats in Washington – the number of small businesses owners that are planning to hire would be six percentage points higher.  Those findings are backed by recent statements from America’s small business owners:

  • “For Some Small-Business Leaders, Excessive Federal Regulations are Impeding Job Growth.” “For some small-business leaders, excessive federal regulations are impeding job growth in Phoenix. … MaryAnn Guerra, CEO of BioAccel, a Phoenix-based non-profit that encourages entrepreneurship in the science field, said federal regulations often prevent small businesses from thriving. Guerra said federal workers aren’t encouraged to study the intent of the law and instead follow laws as literally as possible.” (The Arizona Republic, 11/28/11)
  • “We Can Create Jobs When the Government Stays Off of Our Back.” PBS’ Paul Solman: “For 34 years, Bobby Joslin’s been making signs, from paper to neon. He’s become a Nashville fixture.  But Joslin Sign is struggling because of uncertainty, says Joslin, about federal policy, regulations, for instance.” Bobby Joslin: “We’re fighting mandates that just keep coming at us at nowhere. … We can create jobs when the government stays off of our back. It’s that simple.” (PBS NewsHour, 12/2/11)
In a column this week, Rep. Davis said the REINS Act is an important step “in slowing down and reviewing the unchecked growth of the regulatory state and promoting a regulatory framework that balances sensible public safeguards and economic growth.”  The bill is part of Republicans’ Pledge to America – a blueprint for more accountable government and a better environment for private-sector job creation the Republican-led House has been implementing throughout the year.  Upon passage this week, the REINS Act will join 25 other bipartisan, House-passed jobs bills that are being blocked by Senate Democrats.  The REINS Act is an important bill that will bring more accountability to the rule-making process, and it deserves a vote – along with all of the House-passed jobs bills that are sitting idle in the Democratic-led Senate. “Like” the REINS Act on Facebook here, and learn more about the Republican plan for jobs at jobs.GOP.gov.