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Supported by NAR, on January 5th the U.S. House of Representatives passed the "Regulations From the Executive in Need of Scrutiny Act," H.R. 26.
The bill would require congressional approval of federal regulations with an estimated annual economic impact of more than $100 million. This Act will add transparency and accountability to the regulatory process.
Two amendments were adopted: The first would require each agency promulgating a new rule to identify and repeal an existing rule to offset annual costs. The second would require Congress to review all rules currently in effect over a 10-year period.
Sen. Rand Paul (R-Ky.), with Sens. Todd Young (R-Ind.), Chuck Grassley (R-Iowa), Joni Ernst (R-Iowa) and 23 other co-sponsors, have introduced their own "REINS Act," S. 21. NAR will continue to push for a vote in the Senate on this important bill.