Sens. Roy Blunt (R-MO) and Angus King (I-ME) on Wednesday introduced the Regulatory Improvement Act with the support of America’s business leaders. The legislation, S. 708, would establish a commission to review existing federal regulations and recommend modifications, consolidation or repeal of rules that are either too costly, not effective or otherwise in need of improvement.

For three years in a row, the CEOs of America’s top companies have identified regulatory costs as their number one cost concern. Well-conceived, science-based regulations are essential to protect human health and safety. America’s business leaders do not oppose regulation, but they believe that a smarter approach to federal regulation can help ensure businesses retain the capacity to operate and innovate and still promote the health and welfare of employees, customers and communities. To put it another way, smart regulation can achieve societal goals more effectively while reducing the cost burden on the economy.

The senators’ bill is a measured, bipartisan step toward a smarter regulatory system. Sens. King and Blunt introduced this bill in the last Congress – and similar legislation was introduced in the House – but Congress never took up the measure. The CEOs of Business Roundtable have made smart regulation a top priority for 2015 because they understand that reducing the burden of regulation will enable businesses to invest, expand and hire. We look forward to working with the Senators and their colleagues to ensure that this important legislation gets traction this year.  

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• Sen. Blunt news release, "Senator Blunt Renews Push To Jumpstart Economic Growth By Repealing Outdated Regulations"
• Sen. King news release, "King, Blunt Renew Bipartisan Push to Jumpstart Economic Growth by Repealing Outdated Regulations"
• Earlier King news release, "King Underscores Importance of Regulatory Reform at Progressive Policy Institute"