- Defunding unapproved agency initiatives, and, where applicable, using the Congressional Review Act to rein in agency overreach.
- Improving regulatory disclosure, transparency, and cost analysis of regulations and guidance. A first step could be to implement a regulatory report card to tally regulatory costs and flows in a user-friendly way, and promote more accurate reporting to enable analysis of the regulatory enterprise by third parties.
- Implementing a bipartisan regulatory reduction commission and regulatory sunsetting procedures.
- Requiring votes on major rules—those with estimated annual costs of $100 million or more. One option is to enact the Regulations from the Executive in Need of Scrutiny (REINS) Act.
- Implementing a limited regulatory cost budget.
These reforms should apply to independent agencies, not just cabinet-level agencies. They should also apply to regulatory dark matter—the notices, guidance documents, and other materials that agencies use to regulate outside of the required notice-and-comment rulemaking process.
For more, read “Free to Prosper: A Pro-Growth Agenda for the 116th Congress.”