House Votes to Cut Regulatory Red Tape for American Job Creation
WASHINGTON D.C. The federal government has issued over 41000 pages of new Rules & Regulations so far this year. Of these 167 are deemed economically significant meaning each of them will cost the American economy $100 million or more during each year said Cong. Bill Flores (R-TX) after the House of Representatives passed H.R. 4078 the Red Tape Reduction & Small Business Job Creation Act.
The legislation provides measures to end the uncertainty facing small businesses and job creators as a result of excessive regulatory rule writing.
It will take job creators 24.3 million hours every year just to comply with the first half of the Dodd-Frank regulations. For the sake of comparison the effort to build the Panama Canal was only about 12 million hours.
With todays passage of the Red Tape Reduction and Small Business Job Creation Act we can bring an end to excessive and overly burdensome regulations said Flores.
This bill imposes a moratorium on any new regulation until unemployment drops below 6 nationally. Small businesses create the majority of new jobs which our economy desperately needs. In order to give small businesses the confidence they need to grow and create jobs we have to cut the 
regulatory red tape in Washington. I stand committed to providing small businesses the certainty they need to grow in this fragile economy" Flores said.
The Obama Administration has classified over 3100 regulations as either active or long-term actions. Cumulatively the cost of all the Washington red tape is $1.75 trillion in other words over 10 of our current gross domestic product.
H.R. 4078 will impose a freeze on economically significant regulations that harm the economy until unemployment reaches 6 or below. It permanently prevents lame duck" administrations from issuing economically significant regulations.
The bill will also prevent sue and settle" tactics by ensuring that impacted parties have a right to intervene before federal agencies agree to binding legal settlements that require them to issue new regulations. This reform package also includes recommendations from the presidents job council.
One of the most egregious red-tape initiatives of this administration is the Dodd-Frank law. According to the House Committee on Financial Services just 244 of Dodd-Franks 400 rules have been written and they already consume 7365 pages said Flores.
Congressman Bill Flores represents the 17th District of Texas and is an entrepreneur former energy executive Certified Public Accountant (CPA) and member of both the House Budget Natural Resources and the Veterans Affairs Committees.
