The Ultimate Rule-Killing Rule has Just Been Passed by Republicans

Business groups have welcomed the passing in the House of Representatives of a sweeping regulatory reform bill that would make it harder for federal agencies to create and enforce new rules.

istock-187305412-compressorThe Regulatory Accountability Act was passed in the house by a 238-183 vote, with only five Democrats in support. It may have a harder time passing in the Senate, though, where Republicans hold a slim majority.

This legislation is important for all CEOs, given it has the potential to affect rules in all shapes or forms, whether centered on financial markets, labor practices, food safety or the environment.

It would impose dozens of new conditions on the executive arm of government, expose proposals to greater judicial scrutiny and ultimately slow down the rule-making process. Republicans argue the legislation will rein in government over-reach, but many Democrats fear it blurs the separation between the executive and and legislative branches of power and would allow business to avoid oversight.

“Our aging regulatory system is long overdue for an upgrade,” U.S. Chamber of Commerce senior vice president Neil Bradley said. “This legislation would increase scrutiny of only the most impactful rules, requiring greater transparency and agency accountability.”

“Our aging regulatory system is long overdue for an upgrade. This legislation would increase scrutiny of only the most impactful rules, requiring greater transparency and agency accountability.

Other supporters of the legislation argue it would give Donald Trump the tools to honor his pledge to free business from overbearing regulation.

“The Obama Administration abused regulation to force its will on the American people,” Republican Congressman Bob Goodlatte said ahead of the vote. “The assembling Trump administration promises to wipe out abusive regulation—freeing America to innovate and prosper once more.”

Democratic Congressman John Conyers said the legislation would jeopardize public safety. “Worse yet, many of these new requirements are intended to facilitate the ability of regulated entities—such as well-funded corporate interests—to intervene and derail regulatory protections they oppose.”

The Senate is currently comprised of 52 Republicans, 46 Democrats and 2 independents who caucus with Democrats. That gives opponents of the regulation more than enough scope to delay its passage via filibuster.

“Now we urge the Senate to follow the House’s lead and turn their attention to regulatory reform,” the Chamber of Commerce’s Bradley said. “We need reforms that encourage business expansion, spur job creation and ultimately help grow the American economy.”


MORE LIKE THIS

  • Get the CEO Briefing

    Sign up today to get weekly access to the latest issues affecting CEOs in every industry
  • upcoming events

    Roundtable

    Strategic Planning Workshop

    1:00 - 5:00 pm

    Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process

    Executives expressed frustration with their current strategic planning process. Issues include:

    1. Lack of systematic approach (70%)
    2. Laundry lists without prioritization (68%)
    3. Decisions based on personalities rather than facts and information (65%)

     

    Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns.  They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning.  Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process.  This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented.  If you are ready for a Strategic Planning tune-up, select this workshop in your registration form.  The additional fee of $695 will be added to your total.

    To sign up, select this option in your registration form. Additional fee of $695 will be added to your total.

    New York, NY: ​​​Chief Executive's Corporate Citizenship Awards 2017

    Women in Leadership Seminar and Peer Discussion

    2:00 - 5:00 pm

    Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations. 

    Limited space available.

    To sign up, select this option in your registration form. Additional fee of $495 will be added to your total.

    Golf Outing

    10:30 - 5:00 pm
    General’s Retreat at Hermitage Golf Course
    Sponsored by UBS

    General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.

    The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.

    To sign up, select this option in your registration form. Additional fee of $295 will be added to your total.