- Category: Texas Legislature
- Published on 26 July 2012
- Written by Lillie Bush-Reves
Hall Votes for Jobs, Economy Bills: Red Tape Reduction, "Audit the Fed"
This week Rep. Ralph Hall (TX-04) voted with the House Majority to pass two bills focused on job creation and economic growth. H.R. 4078, the Red Tape Reduction and Small Business Job Creation Act, which passed 245-172, works to eliminate federal red tape that hinders small businesses from growing their business. H.R. 459, the Federal Reserve Transparency Act of 2012 ("Audit the Fed"), which passed 327-98, would allow the Government Accountability Office to conduct a full audit of the Federal Reserve.
"Since President Obama took office, there has been a significant increase in regulations," said Hall. "These regulations are preventing small business owners from hiring new workers, which in turn is hurting both job seekers and our economy. The President's lack of understanding and faith in small business owners to build successful businesses is clear."
On the House Floor yesterday, Chairman Hall stated, "The Committee on Science, Space, and Technology has explored regulatory hurdles being put up by a number of agencies and we’ve seen a massive expansion of red tape under this Administration. Much of it has come from the Environmental Protection Agency where too many of the environmental regulations put forward have been based on secret science, hidden data, and predetermined outcomes."
"We must promote conditions where job creators have the ability and confidence to grow their businesses and hire new workers. In order to cut the unemployment rate, we need to cut the red tape. That means removing unnecessary federal regulations so small businesses can invest in the future and have every opportunity to succeed.
"We can also encourage a healthy economy by providing full transparency and accountability with the Federal Reserve - the country's banking system. Over the past three and a half years, the Federal Reserve has tripled its balance sheet to $3 trillion, which is equivalent to 20% of the economy, and it has lent out nearly $16 trillion - more than the size of the entire economy.
"Under current law, Congress is prohibited from completing a full review of the Federal Reserve. Americans have the right to know how their tax dollars are spent, and the Federal Reserve Transparency Act of 2012 will allow Congress to conduct annual audits that include monetary policy.
"Jobs and the economy are the American people's top concerns, and my top priority will continue to be fighting to foster job creation and economic growth."
Specifically, the Red Tape Reduction and Small Business Job Creation Act would:
• Freeze any economically significant regulation, except for health and emergency, until employment drops below six percent nationally;
• Permanently prevent "lame duck" administrations from issuing economically significant regulations;
• Ensure impacted parties have a right to intervene before federal agencies agree to binding legal settlements;
• Require independent federal agencies such as the Federal Communications Commission and National Labor Relations Board to comply with the same regulatory review requirements as other agencies and require increased transparency with respect to unfunded mandates that are imposed on state and local governments;
• Create a streamlined process for consideration of federal permits for construction projects; and
• Require both the Securities and Exchange Commission and Commodity Futures Trading Commission to conduct more thorough cost-benefit analyses of proposed regulations.
Likewise, "Audit the Fed" would:
• Allow the Government Accountability Office to audit the Federal Reserve and submit a report to Congress within twelve months;
• Remove restrictions on Government Accountability Office so it can audit monetary policy operations, emergency lending, and operations with foreign central banks; and
• Allow additional audits to be performed in the future without restrictions on what the Government Accountability Office can examine.