Donovan, House Reform Regulatory Review Process
Washington, DC—March 7, 2018….Continuing his work to bolster the economy by curtailing burdensome regulations, Congressman Dan Donovan (NY-11) this week voted to pass the Comprehensive Regulatory Review Act (H.R. 4607). This bipartisan bill strengthens the Economic Growth and Regulatory Paperwork Reduction Act’s (EGRPRA) review process to ensure that outdated, duplicative, or burdensome regulations are eliminated or amended.
Congressman Donovan said, “Excessive regulations implemented by Washington bureaucrats impede innovation and economic growth, and oversight is needed to control overreach. By improving the regulatory review process, we are bringing much needed transparency and accountability to ensure that misguided and redundant regulations are eliminated. This is a commonsense fix that will help reduce federal spending and fight job-killing regulations.”
Amongst other provisions, the bill strengthens the regulatory review process by:
- Requiring EGRPRA reviews to be done every 7 years, instead of every 10;
- Expanding EGRPRA reviews to include all regulated institutions, instead of only insured depository institutions; and
- Allowing regulators to tailor regulations that they find to be outdated, duplicative, unnecessary, or overly burdensome.
High regulatory costs and hurdles have created a less competitive financial marketplace. Many community banks and credit unions have been crushed by the volume and complexity of regulations, forcing them to close or merge. This has led to fewer and more expensive borrowing choices for consumers and small businesses, which has hurt the ability of American’s to access credit to buy a home, purchase a car, and start or expand a business.
Congress and the Trump Administration have made it a priority to provide regulatory relief to American businesses and families. Donovan has previously voted to support the Midnight Rules Relief Act and the Regulations from the Executive in Need of Scrutiny (REINS) Act, which focused on spurring economic growth and job opportunities by reining in government regulations.