The U.S. House of Representatives on January 5, 2017, approved by a vote of 237-187 H.R. 26, the “Regulations from the Executive in Need of Scrutiny Act” or REINS Act.
The bill would create a process for Congress to approve any federal regulation or rule that would have an annual economic impact of $100 million or more (the “major rule”). Once the major rule is affirmatively approved by Congress within 70 days of its promulgation, the regulation would go into effect.
The bill was amended on the House floor to also require federal agencies to repeal existing regulations to “…completely offset any annual costs of the new rule to the United States economy” and to begin a process to require congressional approval of all currently existing major rules.
It is unclear if or when the Senate would consider the legation. It is possible that the bill could be subjected to a filibuster in the Senate, and thus could require the support of 60 senators to advance to the president. President-elect Donald Trump has expressed his intention to sign the bill if it were to pass the Senate.
The Democratic and Republican leadership of the House and Senate have released the names of the new members of the Ways and Means and Finance Committees.
Senator Orrin Hatch (R-UT) and Congressman Kevin Brady (R-TX) will remain the chairmen of the Senate Finance and House Ways and Means Committee, respectively, and Senator Ron Wyden (D-OR) will remain the ranking member of the Finance Committee. Congressman Richard Neal (D-MA) is the new ranking member of the House Ways and Means Committee, replacing former ranking member Sander Levin (D-MI), who recently resigned his position as ranking member (but will remain a member of the Ways and Means Committee).
<p>© 2018 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.</p> <p>KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.</p>
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.