Business

GOP looks to ban federal regulations until unemployment falls to 6 percent

House Republicans have put forward a bill that would prevent federal agencies from issuing any new significant regulation until the national unemployment rate drops to 6 percent.

Under the bill, H.R. 4078, federal agencies could not finalize regulations that cost the economy $100 million or more, or have other significant effects on job creation, until the Bureau of Labor Statistics reports that the national unemployment rate averages 6 percent over any quarter. The president could waive this ban only if he believes a rule is needed for reasons related to national security, to enforce criminal laws or to implement an international trade agreement.

Rep. Tim Griffin (R-Ark.) sponsored the bill along with 14 other Republicans who have argued that the government needs to reduce the number of rules it puts out in order to give companies a breather from additional compliance mandates while the economy struggles to recover.

Full Story: GOP looks to ban federal regulations until unemployment falls to 6 percent