Tue February 21st, 2017
Sponsor: Rep. Jason Smith — R — MO
This bill establishes the Retrospective Regulatory Review Commission to conduct a review of the Code of Federal Regulations to identify rules and sets of rules that collectively implement a regulatory program that should be repealed to lower the cost of regulation. The commission shall give priority to the review of rules or sets of rules that are major rules or that include major rules, that have been in effect more than 15 years, that impose paperwork burdens or unfunded mandates that could be reduced substantially without significantly diminishing regulatory effectiveness, that impose disproportionately high costs on small entities, or that could be strengthened in their effectiveness while reducing regulatory costs. The commission's goal is to achieve a reduction of at least 15% in the cumulative costs of regulation with a minimal reduction in the overall effectiveness of such regulation.
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