The U.S. Chamber appreciates Rep. Richard Hanna (R-NY) introducing the Regulatory Time-Out Act of 2011 (H.R. 3257).  This is the companion to Sen. Susan Collins’ (R-ME) bill (S.1538), and reaffirms that regulations must balance protecting public health, safety, and welfare with economic growth, innovation, competitiveness, and job creation. This point is part of President Obama’s Executive Order 13563.  Rep. Hanna’s bill also focuses on regulations that are developed at the agencies’ discretion rather than those that are mandated by legislation.  Finally, his bill makes clear that proposed regulations are also subject to the time-out if they are expected to meet the qualifications for a covered regulation.

American businesses have been overwhelmed by the recent onslaught of burdensome and job-killing regulations. With another 4,257 regulations in the pipeline, American businesses need immediate relief. A time-out would allow both the regulators and the regulated to take a deep breath and ensure that regulations are being developed consistent with the need to retain the balance against destroying jobs and economic growth.

A regulatory “time-out” is a useful step in stemming the tidal wave of new regulations. Ultimately what is needed is genuine reform of the regulatory process. Congress must fundamentally reform the rulemaking process, some elements of which have not been modernized in 65 years. We need permanent reforms to the administrative process to ensure regulations are narrowly tailored and impose the least amount of regulatory burden needed to achieve congressional intent, are based on quality data, and will not impede job creation and growth. Reforms must also encourage Congress to exercise its essential oversight over federal agencies to ensure they are carrying out its intent.

We are pleased to welcome Rep. Hanna to the debate over one of the most important economic issues facing our economy—overregulation—and look forward to working with him on this bill and improving the regulatory process.