Washington, D.C.—Today, Congressman Mike Bost (R-IL) voted for the Regulatory Accountability Act of 2015 (H.R. 185) which changes the process in which federal agencies formulate new regulations.
“Each and every day, Southern Illinois families, farmers and job creators have to tighten their belts and weigh the costs of major financial decisions; the Federal Government should be no different,” said Rep. Bost. “Unfortunately, it has been common practice for federal agencies to pursue excessive, job-crushing regulations that only make it tougher for hardworking Americans to get ahead. This legislation takes an important step in bringing more rationality to the regulatory process.”
The annual cost of federal regulations adds up to approximately $1.86 trillion or $15,000 in regulatory costs per family each year. This is a key factor stifling economic recovery and the creation of new jobs, especially in manufacturing and construction industries.
“From the beginning, this administration promised the American people it would be one of the most transparent and accountable in American history,” added Rep. Bost. “Reality has been far from the case. By improving the process federal agencies use to make their decisions, this legislation will reduce unwarranted and burdensome regulations that will have a negative, financial impact on small businesses and hardworking families.”