3.0.0 634 2023-01-11T13:36:16Z 2023-01-11T13:36:16Z Senate S 2017-03-15 115 ssga00 Homeland Security and Governmental Affairs Committee Senate Standing Referred to 2017-03-15T15:17:05Z 2017-03-15 ssga00 Homeland Security and Governmental Affairs Committee Senate Read twice and referred to the Committee on Homeland Security and Governmental Affairs. IntroReferral 2017-03-15 Introduced in Senate IntroReferral 10000 9 Library of Congress G000562 Sen. Gardner, Cory [R-CO] Cory Gardner R CO N L000577 Sen. Lee, Mike [R-UT] Mike Lee R UT 2017-03-15 True Government Operations and Politics Administrative law and regulatory procedures Advanced technology and technological innovations Budget deficits and national debt Business investment and capital Competition and antitrust Competitiveness, trade promotion, trade deficits Congressional oversight Economic performance and conditions Industrial policy and productivity Inflation and prices Legislative rules and procedure Unemployment Government Operations and Politics 00 2017-03-15 Introduced in Senate 2017-04-04T22:21:00Z Reducing Excessive Government Act of 2017 or the REG Act

This bill requires Congress, within 60 days after the debt limit is increased or suspended, to enact legislation eliminating rules that results in a reduction of the direct cost of federal regulation during a specified 10-fiscal-year period by at least 15% of the amount of such increase.

If the debt limit is increased or suspended, each agency shall submit to the Senate, the House of Representatives, and the Government Accountability Office (GAO) a report identifying each major rule of the agency. The GAO shall subsequently submit a report evaluating whether agencies appropriately identified major rules.

A "major rule" is defined as a rule that has or is likely to result in: (1) an annual effect on the economy of $100 million or more; (2) a major increase in costs or prices for consumers, individual industries, government agencies, or geographic regions; or (3) significant adverse effects on competition, employment, investment, productivity, or innovation or on the ability of U.S.-based enterprises to compete with foreign-based enterprises in domestic and export markets.

Each House and Senate committee shall submit to the budget committee of its chamber a list of the major rules within the committee's jurisdiction that it recommends should be repealed. Each committee shall consider:

  • whether the rule has been ineffective in achieving its purpose,
  • adverse effects that could materialize if the rule is repealed,
  • whether the costs of the rule outweigh its benefits, and
  • whether the rule has become obsolete or overlaps with another rule.

The budget committees shall report a joint resolution carrying out all such recommendations without substantive revision. The bill provides for the expedited consideration of such a joint resolution. A repealed rule may not be reissued in substantially the same form.

If the Office of Management and Budget determines that legislation has not been enacted under this bill by the prescribed deadline, the public debt limit shall be equal to the sum of the face amount of obligations issued by the United States and the face amount of obligations whose principal and interest are guaranteed by the United States (except guaranteed obligations held by Treasury) outstanding on the date of the determination.

]]> REG Act Display Title REG Act Official Title as Introduced A bill to require reductions in the direct cost of Federal regulations that are proportional to the amount of increases in the debt ceiling. Introduced in Senate IS Short Titles as Introduced REG Act Short Titles as Introduced Reducing Excessive Government Act of 2017 Introduced in Senate 2017-03-15T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s634is/xml/BILLS-115s634is.xml 2017-03-15 Read twice and referred to the Committee on Homeland Security and Governmental Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.