I want to thank Chairman Goodlatte. I also want to thank Congressman Ratcliffe of Texas. Included in H.R. 5 is the All Economic Regulations Are Transparent Act, or the ALERT Act.
I want to highlight that in the past two Congresses, the ALERT Act was reported favorably out of the Committee on Oversight and Government Reform. And the ALERT Act, itself, is simply a transparency bill. It requires the administration to provide meaningful information about upcoming regulations online, before those are actually issued. Early online disclosure will create the need for transparency so the public can see what is on the horizon.
Each month, federal agencies will be required to list all regulations expected to be proposed or finalized within the following year. And for each regulation on the list, the issuing agency is required to provide basic information to the public about that regulation. It includes the objectives of the regulation, the legal basis for the regulation, and where it stands on the rulemaking process.
If the agency expects to finalize the regulation within the following year, the agency is also required to provide information about the impact of the regulation. This includes estimates on the costs, the completion date, the economic effects of the regulation, including the net effect on jobs – something that doesn’t happen now, but seems to be just common sense. And in this 21st century, federal agencies should have to show their work online so the public can engage. That’s why I like what Mr. Ratcliffe has championed since he’s become a member of this Congress.
Let’s also understand and remember that the administration’s own estimates, federal regulations promulgated over the last ten years have imposed a cost of at least $100 billion dollars annually-annually-on the American taxpayers.
Again I appreciate Chairman Goodlatte’s work and commitment on this issue. I want to thank, again, our good friend Congressman John Ratcliffe and his work on this. The Oversight and Government Reform Committee, like I said, has looked upon this very favorably. We’re very supportive of the overall bill, as well as this specific provision. I thank you for the time and yield back.