NAFCU, trades push regulatory cost control

NAFCU and 379 other associations joined in calling for House Speaker Paul Ryan, R-Wis., to make the “Regulatory Accountability Act” – a bill that would mandate cost control in regulation – a priority in the 115th Congress.

The “Regulatory Accountability Act of 2015” passed the House on January 13, 2015, but was never considered by the Senate. The law would require that regulations be narrowly tailored, supported by strong and credible data and evidence, and impose the lowest possible burden while still implementing congressional intent.

“The Regulatory Accountability Act builds on established principles of fair regulatory process and review that have been embodied in bipartisan executive orders dating to at least the Clinton administration,” NAFCU and other signers wrote in a letter to Ryan Monday. “The Act would make the regulatory process more transparent, agencies more accountable for their decisions, and regulations better-tailored to achieve their purpose without unnecessary burdens on stakeholders.

“The Regulatory Accountability Act would allow Congress and the public to reassert control over a federal regulatory bureaucracy that is opaque, unaccountable, and often unfair,” the signers continued.


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