Introduced by Republican Indiana Congressman Todd Young, this legislation will institute the oversight role of legislative branch by seeking Congressional approval for any major rule proposed by the executive branch. A major rule is defined as having an economic impact of $100 million or more.
The bill would allow Congress and the executive branch 70 days to approve any major rule. If both branches are unable to act within that span of time, the rule will not be authorized.
The REINS Act passed the House of Representatives during the 112thCongress, but stalled in the Senate.
Collins said that this bill will remove power from federal bureaucrats creating unwarranted regulations, adding that the REINS Act restores the system of checks and balances originally intended by our founders, and will allow our economy to thrive once again.