The House of Representatives has passed the Regulations from the Executive in Need of Scrutiny (REINS) Act of 2023, and the National Association of Home Builders (NAHB) hailed this victory as a significant step toward restoring congressional oversight to regulatory rulemaking processes.

The REINS Act proposes that Congress must approve all federal agency regulations with an annual economic impact of $100 million or more. This legislation aims to prevent poorly crafted rules from taking effect, saving businesses valuable resources that would otherwise be expended on legal challenges.

 

According to the NAHB, the REINS Act is of vital importance to the housing industry, prompting the association to label it a "key vote" and actively urge House lawmakers to support its passage. By requiring major regulations to obtain approval from both the House and Senate before implementation, the bill ensures that important decisions are made with greater scrutiny and accountability.

The REINS Act also grants Congress the authority to disapprove "non-major rules" (those with an annual economic effect of less than $100 million) through a joint resolution. NAHB believes that this shift of decision-making power to Congress in matters impacting millions of Americans and numerous small businesses will help curb regulatory overreach by federal agencies.

"We will urge the Senate to introduce and advance companion legislation," stated the NAHB, emphasizing the need to extend the REINS Act's principles to the Senate. By increasing transparency, accountability, and reducing burdensome regulations, the Act aligns with the NAHB's objective of promoting a more favorable business environment for the housing industry.

https://www.nahb.org/blog/2023/06/reins-act