[Congressional Record Volume 141, Number 111 (Tuesday, July 11, 1995)]
[Senate]
[Page S9650]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



[[Page S 9650]]


                  COMPREHENSIVE REGULATORY REFORM ACT

  Mr. THURMOND. Mr. President, I rise today in support of S. 343, the 
Comprehensive Regulatory Reform Act of 1995. Regulatory reform is a 
critical issue which the Congress should act on promptly in order to 
significantly benefit our Nation.
  When unnecessary regulations are avoided or eliminated, American 
production will be more competitive and provide more jobs for American 
workers. With true regulatory reform, American consumers will have more 
choices at lower prices.
  We all are concerned that the health and safety of Americans not be 
compromised. By using more common sense, however, our Nation can 
achieve the same level of health and safety at far lower costs. 
Avoiding unnecessary regulations frees up our economic resources to be 
used for more important purposes. Every billion dollars saved by 
avoiding wasteful regulations is a billion dollars that the private 
sector can invest in new enterprises and new jobs. This will generate 
additional revenues to bolster our national defense, education, crime 
reduction, and other priorities.
  The principle of applying cost-benefit analysis and risk assessment 
to Government regulations is hard to seriously dispute. It is based on 
the simple concept that the Government should not impose rules and 
regulations unless the benefits justify all the costs. The legislation 
which we are now considering has been through numerous drafts and 
compromises in order to achieve this purpose.
  The bill articulates standards by which the costs and benefits of 
regulations are to be compared, and provides for judicial review of 
actions by the Government. The bill applies not only to new regulations 
as they are formulated, but also to existing rules. The legislation 
applies to relatively large regulations, which impose substantial 
costs. Importantly, risk assessments are standardized and must rely on 
the best available science.
  Mr. President, it is my belief that the principles in S. 343 are 
vital for this Nation. Great effort has been put forth to bring the 
bill to this point, and everyone involved in moving this bill forward 
deserves our thanks.
  For all of these reasons, I urge my colleagues to support this 
regulatory reform legislation.
  In closing, Mr. President, I wish to commend the able Senator from 
Texas [Mrs. Hutchison] for the great job she has done on this important 
matter, which will be of such benefit to our Nation.
  I yield the floor.

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