[Congressional Record Volume 144, Number 145 (Tuesday, October 13, 1998)]
[Extensions of Remarks]
[Page E2142]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




REPORT ON RESOLUTION WAIVING POINTS OF ORDER AGAINST CONFERENCE REPORT 
 ON H.R. 4104, TREASURY AND GENERAL GOVERNMENT APPROPRIATIONS ACT, 1999

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                               speech of

                            HON. TOM BLILEY

                              of virginia

                    in the house of representatives

                       Wednesday, October 7, 1998

  Mr. BLILEY. Mr. Speaker, I rise to commend the efforts of Congress in 
maintaining and strengthening the Regulatory Accounting Provisions in 
FY 1999 Treasury, Postal Service, and General Government 
Appropriations.
  A regulatory accounting amendment has been signed into law for the 
past three years as a part of the Treasury/Postal Appropriations Act. 
The amendment has two major components. First, the President, through 
the Director of OMB, must prepare and submit to Congress an accounting 
statement of the total annual costs and corresponding benefits of 
Federal regulatory programs for FY 1999. Second, after each year an 
accounting statement is submitted, the President shall submit a report 
to Congress providing an analysis of impacts on State, local, and 
tribal government, small business, wages, and economic growth as well 
as recommendations for regulatory reform. New this year to the 
regulatory accounting amendment is an independent and external peer 
review provision. Peer review will ensure the information produced from 
this report is accurate and balanced.
  Recent studies estimate the compliance costs of Federal regulations 
at more than $700 billion annually and project substantial future 
growth even without the enactment of new legislation. These costs are 
passed on to the public through higher prices and taxes, reduced 
government services, and stunted wages and economic growth. To manage 
and prioritize these regulatory programs better, we need more 
information provided by this amendment on the costs and benefits of 
existing regulatory programs and new rules.
  Since 1995, I have introduced bipartisan permanent regulatory 
accounting legislation, most recently H.R. 2840, the Regulatory Right-
to-Know Act. Senators Thompson and Breaux have introduced the analogue 
to H.R. 2840 in the Senate and have championed this year's regulatory 
accounting amendment. I thank them for their efforts.
  It is vitally important that Congress permanently places regulatory 
accounting on the books, thereby ensuring this crucial information is 
provided to the American people. The Regulatory Right-to-Know Act must 
be one of our top priorities in the 106th Congress.
  I urge my colleagues to join the bipartisan coalition in supporting 
regulatory accounting.

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