Senator Collins Wants A “Regulatory Time Out.” Obama Has To Sit In The Corner, Pelosi Gets Paddled, Dodd And Frank Have To Clap Erasers
U.S. Senator Susan Collins tonight released this statement following the President’s address to Congress.
“Americans want, and rightfully expect, Congress and the President to work together to do what’s in the best interest of our country. There is no more pressing issue, right now, than our high unemployment rate and stagnant economy.
“I appreciate the President’s desire to address this problem, but I am disappointed that it took him so long to come forward before with specific proposals to help our economy and create jobs in the private sector. I am also concerned that the President has not yet detailed how he would pay for nearly $500 billion in new spending.
“With our economy still struggling, I do think it makes sense to extend the payroll tax holiday for employees for another year. If we don’t do that, middle class workers would see their taxes go up on January 1st. In February, I introduced my 7-Point Jobs plan which would extend the payroll tax holiday to our nation’s job creators, as well. I am pleased to see the President coming around to this idea. I also believe the idea to provide a tax incentive to encourage the hiring of our veterans has merits.
“But we must do more. We simply must give America’s job creators the certainty they say they need during these uncertain economic times.
“That is why I am introducing legislation that would impose a one-year moratorium on “significant” new rules from going into effect, if those rules would have an adverse impact on jobs, the economy, or America’s international competitiveness.
“No business owner I know questions the legitimate role of government in protecting the health, safety, and well-being of the public and employees. Far too often, however, our small businesses are buried under a mountain of paperwork, driving up costs and impeding growth and job creation.
“I have heard, over and over again, from employers that it is the climate of uncertainty and excessive regulation coming from Washington that is discouraging them from hiring. We need a time-out. My proposal of a one-year moratorium on the issuance of significant regulations is a common sense solution that would give job creators time to get back on their feet and to create the jobs Americans want and deserve.”
Senator Collins’ legislation, called the “Regulatory “Time-Out” Act,” would impose a one-year moratorium on “significant” new rules from going into effect, if those rules would have an adverse impact on jobs, the economy, or America’s international competitiveness. Her legislation is supported by the NFIB, our nation’s largest small business advocacy group, the U.S. Chamber of Commerce, and the Small Business & Entrepreneurship Council.
Summary of Senator Collins’ “Regulatory Time-Out Act”:
· Imposes a one year moratorium on “significant” new rules from going into effect, if those rules would have an adverse impact on jobs, the economy, or our international competitiveness.
· “Significant” rules include those costing more than $100 million per year. This definition is similar to definitions used by Presidents Clinton and G.W. Bush.
· The time-out applies to these rules issued by Executive Branch agencies and independent regulatory agencies.
· The moratorium would not apply to rules that address imminent threats to human health or safety or other emergencies, or that apply to the criminal justice system, military or foreign affairs.
· A rule cannot go into effect unless the issuing agency publishes, in the Federal Register, an explanation of why the rule is exempt from the moratorium.
· Rules which foster private sector job creation and the enhancement of the competitiveness of the American worker, or which otherwise reduce the regulatory burden, are exempt from the time-out.
· Within 10 days of the effective date of Senator Collins’ “Regulatory Time-Out Act,” agencies must submit to OMB and to Congress a list of rules which they believe are exempt.
September 8th 2011
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