An attempt to rein in unemployment took form in the U.S. House of Representatives last week with passage of a bill designed to keep the government from adding more red tape to an already struggling economy.
H.R. 4078, the Red Tape Reduction and Small Business Job Creation Act, is the latest in a series of House-passed jobs bills aimed at addressing over-regulation, according to House Speaker John Boehner’s (R-OH) website.
Specifically, the bill would put a hold on new federal regulations that would cost $100 million or more until unemployment rates have fallen to 6% or less. The bill does make exceptions for federal rules necessary for national security, trade agreements, enforcement of criminal and civil rights laws, and imminent threats to health or safety. It also allows the president to seek congressional approval for other regulations he/she believes are critical.
The bill would also prevent what’s known as “midnight regulations,” a practice where outgoing presidents issue new rules and regulations between Election Day in November and Inauguration Day in January. (NACS: www.nacsonline.com)
