U.S. Sen. John Thune (R-S.D.) today discussed America’s slow economic growth over the last eight years, which is the result of burdensome regulations and a complicated tax code. Thune pointed out the work the 115th Congress has already done to get our economy going again by repealing some of those regulations through the Congressional Review Act.
Excerpt from Thune’s speech, as prepared for delivery:
“Obviously, some government regulations are important and necessary.
“But too many others are unnecessary, and do nothing but load businesses with compliance costs and paperwork hours.
“The more resources businesses spend complying with regulations, the less they have available for growth and innovation.
“Excessive regulations also prevent many new businesses from ever getting off the ground.
“Small startups simply don’t have the resources to hire individuals – let alone consultants and lawyers – to do the costly work of complying with scores of government regulations.
“Unfortunately, over the past eight years the Obama administration spent a lot of time imposing burdensome and unnecessary regulations on American businesses.
“According to the American Action Forum, the Obama administration was responsible for implementing more than 675 major regulations that cost the economy more than $800 billion.
“Given those numbers, it’s no surprise that the Obama economy left businesses with few resources to dedicate to growing and creating jobs.
“Or that new business creation seriously dropped off during the Obama administration.
“Since the new Congress began in January, Republicans have been focused on repealing burdensome Obama regulations using the Congressional Review Act.
“We’ve already used this law to repeal three Obama regulations, and this week we’ll use it to repeal at least two more, including:
- “The “blacklisting” rule, which imposes duplicative and unnecessary requirements for businesses bidding on federal government contracts
- “And the Bureau of Land Management methane rule, which curbs energy production on federal lands by restricting drilling
“This methane rule would cost jobs and deprive state and local governments of tax and royalty payments that they can use to address local priorities.
“Another area of regulatory reform we need to address is Obamacare.
“Repealing the burdensome mandates and regulations this law imposed on businesses will go a long way toward removing barriers to new businesses and spurring growth at existing businesses.”