Congress Must Approve Major Federal Agency Regulations (REINS Act)
This law significantly increases Congressional oversight of new, expensive regulations issued by federal agencies. Any major rule—defined as having an economic impact of $100 million or more or significantly raising consumer costs—will require explicit approval by both houses of Congress before taking effect. This aims to ensure that elected representatives, rather than unelected bureaucrats, are ultimately accountable for major rules affecting citizens' finances and daily lives.
Key points
Major federal regulations (those costing the economy over $100 million annually) must be approved by a joint resolution of Congress to become law.
Agencies must provide detailed reports, including cost-benefit analyses and job impact assessments, before Congress considers approval.
If Congress fails to approve a major rule within approximately 70 days, the rule is automatically blocked, shifting regulatory power back to the legislative branch.
Status:
Expired
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