Green Bay Reporter

In an effort to reduce the burden of federal regulations on small businesses and promote economic growth, Rep. Mike Gallagher (R-WI) has introduced the 2 for 1 Act. This legislation aims to codify President Trump's 2017 Executive Order, which required federal agencies to revoke two regulations for every new one issued.

Rep. Gallagher believes that the Biden administration's approach of governing through regulations has made life more difficult for American farmers and small businesses. He states, "Restoring the Trump administration's common-sense principle of repealing two regulations for every new regulation created is a simple way to rein in the regulatory state, cut red tape, and make it easier for Americans to earn a living."

If passed, the 2 for 1 Act will bring about several changes. First, agency heads will be required to identify at least two existing regulations to be revoked whenever a new rule is proposed. This will help streamline the regulatory framework and reduce unnecessary burdens on businesses. Additionally, the Office of Management and Budget (OMB) will calculate the "regulatory cost" of any proposed new rule, providing a better understanding of the financial impact on private industry.

One of the key provisions of the legislation is the requirement to offset the incremental regulatory cost of a new rule by eliminating the regulatory costs of two existing rules. This will ensure that the overall regulatory burden remains in check and prevent the accumulation of excessive regulations.

The need for such legislation is evident when looking at the regulatory actions taken by the Biden administration so far. According to the American Action Forum's Regulation Rodeo, the administration has already issued 764 regulations that will cost over $437 billion in regulatory costs and result in 239 million paperwork hours. Some of the notable regulations include EV mandates costing $219 billion, new ESG policies from the Department of Labor amounting to $117 million, and overly burdensome reporting requirements for community banks and credit unions providing financing for small business owners totaling $566 million.

Furthermore, the revised definition of Waters of the United States (WOTUS) has imposed regulatory hoops for small business owners, farmers, ranchers, and manufacturers. These unnecessary burdens hinder economic growth and create obstacles for those trying to make a living.

The 2 for 1 Act introduced by Rep. Gallagher seeks to address these concerns and promote a more business-friendly environment. By reducing the number of regulations and cutting red tape, the legislation aims to make it easier for American businesses to thrive and contribute to the economy.

As the bill moves forward, it will be interesting to see how lawmakers respond to the call for regulatory reform. Small business owners and advocates for economic growth will be closely watching the progress of the 2 for 1 Act, hoping that it will bring much-needed relief from burdensome regulations and pave the way for a more vibrant and prosperous Main Street America.

To find out more, go to this link: https://gallagher.house.gov/media/press-releases/gallagher-pushes-bill-slash-federal-regulations-and-cut-red-tape