Regulations Do Not Kill Jobs But Save Lives
Washington, DC, December 1, 2011
Tags: Government Oversight
Today, the House of Representatives began consideration of a series of bills aimed at disrupting the regulatory process that is responsible for protecting the health and safety of millions of Americans. H.R. 527, the Regulatory Flexibility Improvement Act, H.R. 3010, the Regulatory Accountability Act, and H.R. 10, the REINS Act all will undermine a host of regulatory protections. These protections range from food, product and workplace safety standards to financial fraud prevention rules.
“At the end of this month, the payroll tax cut signed into law by President Obama will expire, potentially resulting in GDP growth decline and the loss of 400,000 jobs,” said Conyers. “Without action, middle class Americans will see their taxes go up by $1000 next year.
“So what is the House doing today to address this problem? Nothing. And what is the House doing tomorrow to make sure we don’t lose more jobs? Nothing.
“Instead, starting today and continuing into next week we will focus on so-called regulatory reform consisting of three different bills. These bills are all aimed at making the regulatory process more costly, less efficient, and will ultimately undermine vital public health, safety, and financial fraud protections. And despite proponents’ assertions, none of these bills will create jobs or help improve the economy.
“If anything, there is an undisputable correlation between the lack of regulation in recent years and our Nation’s current economic distress and resulting employment troubles. In particular, the recent Great Recession and ongoing home foreclosure crisis are products of the failure to adequately regulate the financial services and housing industries.
“As to the impact of regulations on job creation, not a single shred of evidence was presented over the course of five Judiciary Committee hearings on regulatory process that these bills will create even a single job.
“To the contrary, regulations that promote public health and ensure the safety of American-made products unquestionably lead to job creation as the quality of our Nation’s products is one of their strongest selling points. We are all familiar with the product safety problems within the past few years that scandalized China. Products with hazardous health defects, ranging from baby formula to children’s toys, made it to market in China with disastrous consequences for families who unwittingly purchased them.
“Regulations that ensure the quality of U.S. goods and protect the consumer’s health strengthen, not hinder, American competitiveness in the global marketplace.
“The House should be spending the last few weeks of this session considering bills that will create jobs and help the American middle class. Instead we are considering a series of bills that will ultimately undermine public safety at home and hurt American competitiveness abroad. The American people deserve better.”