With pressing public policy debates over topics like healthcare, taxes, and infrastructure at the top of Americans’ minds, it is easy to forget that the U.S. regulatory system hasn’t undergone a significant update since 1996 . This is a problem because outdated, costly, and ineffective regulations place a substantial drag on the economy and trap Americans in ever-growing piles of red tape.
To change this, Rep. Mark Meadows (R-NC) introduced HR 2623, the Lessening Regulatory Costs and Establishing a Federal Regulatory Budget Act of 2017. This bill would require executive agencies to repeal two existing regulations for each new economically significant regulation that is issued. The bill would also make sure that the estimated costs of most new regulation are at least equaled by the ones that are eliminated.
In the following interview, Rep. Meadows explains how Congress can encourage economic growth, enhance public oversight, and help small business owners by making regulatory reform one of its top priorities in 2018.