HOEVEN COSPONSORS BILL TO ENSURE REGULATORY RESPONSIBILITY FOR AMERICA’S ECONOMY

WASHINGTON, D.C. – Senator John Hoeven today said he is cosponsoring a bill with Senator Pat Roberts of Kansas that will help to ensure that burdensome and economically damaging federal regulations don’t impede the ability of American business’s to grow the economy and create jobs.

The “Regulatory Responsibility for Our Economy Act” will give the force of law to a presidential executive order issued last month that purposes to review “rules that may be outmoded, ineffective, insufficient, or excessively burdensome, and to modify, streamline, expand, or repeal them.” The legislation is prompted by a concern that some agencies will skirt the order, arguing they already meet those commitments in their regular operations.

“We are all committed to good environmental stewardship and effective consumer protections, but the President’s order acknowledges that some federal regulations may be unnecessarily hindering the nation’s economic growth and ability to create jobs,” Hoeven said. “This law if passed will make sure that we take a clear-eyed look at our rules and help to restore regulatory certainty to the markets.”

The president issued the order on January 18 and publicized it in a Wall Street Journal opinion piece, which noted that “sometimes those rules have gotten out of balance, placing unreasonable burdens on business – burdens that have stifled innovation and have had a chilling effect on growth and jobs.”

Earlier this month Hoeven asked the Energy Information Administration (EIA), to conduct a focused analysis of regulations that could be impeding development and growth of the nation’s domestic energy production. He asked the administrator to specifically study federal regulations that, if eliminated, would result in an increase in domestic energy production and its potential effect on America’s dependence on foreign sources of energy.

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