Today, Senator Dan Coats presented the outlines of his “Sound Regulation Act” during a press conference at the Indiana Chamber of Commerce. Americans for Prosperity-Indiana State Director Chase Downham attended in support of the legislation which will reduce the regulatory burden and unnecessary red tape placed on Hoosier small businesses.
Below is a copy of AFP’s letter of support.
February 7, 2014
Dear Senator Coats:
On behalf of more than two million Americans for Prosperity activists in all 50 states, I write in strong support for your legislation to increase cost-benefit analysis in rulemaking by federal agencies. The Sound Regulation Act would reduce the burden of federal regulations that discourages businesses from growing and succeeding.
Government reporting on the benefits and costs of federal regulation is woefully incomplete and fails to capture the full economic impact of these rules. Over the past decade, less than one-third of one percent of all final regulations included estimates of monetized benefits and costs, according to research from the Mercatus Center. Federal agencies need to more be more diligent in analyzing and reporting on the economic impact of proposed rules before finalizing them.
Your legislation would establish parameters that agencies will have to follow when considering new regulations. It would lower the threshold for cost-benefit analysis on major rules, from $100 million to $50 million over a 12 month period; it would also require agencies to pursue the lowest cost option instead of the one with the highest benefit. Additionally notable, your bill increases review processes by requiring federal agencies to perform retroactive analysis every 4 years on existing regulations. It would require these agencies to report their findings to the Congress and to the Comptroller General.
Americans for Prosperity is proud to support your legislation to improve cost-benefit analysis in federal rulemaking. I urge your colleagues to support its passage, and I look forward to working with you in the future.
Christine Harbin Hanson
Federal Affairs Manager
Americans for Prosperity
Americans for Prosperity® (AFP) is a nationwide organization of citizen leaders committed to advancing every individual’s right to economic freedom and opportunity. AFP believes reducing the size and scope of government is the best safeguard to ensuring individual productivity and prosperity for all Americans. AFP educates and engages citizens in support of restraining state and federal government growth and returning government to its constitutional limits. AFP has more than 2 million members, including members in all 50 states, and 36 state chapters and affiliates. More than 90,000 Americans in all 50 states have made a financial investment in AFP or AFP Foundation. For more information, visit www.americansforprosperity.org. Americans for Prosperity does not support or oppose candidates for public office.