RED Tape Act of 2023 Regulations Endanger Democracy Act of 2023
Impact
The implementation of SB674 could significantly affect how federal agencies operate, altering their ability to create and amend rules that impact businesses and citizens. By mandating a reduction in existing regulations before instituting new ones, the bill intends to foster a regulatory environment that encourages innovation and economic activity. Supporters believe that this will reduce compliance costs for businesses and provide more clarity and reliability in the regulatory landscape, which can enhance overall economic growth.
Summary
SB674, also known as the 'RED Tape Act of 2023' or the 'Regulations Endanger Democracy Act of 2023', aims to streamline the regulatory process by requiring federal agencies to repeal or amend two or more existing rules before they can issue new rules or amend current ones. This act seeks to reduce bureaucratic red tape, which proponents argue hinders business operations and imposes unnecessary costs on the public. The bill emphasizes that any new regulation must not cause greater financial or administrative burdens compared to the rules that are repealed, as determined by the heads of the respective agencies.
Contention
Opponents of SB674 argue that while the intention to reduce regulatory burdens is valid, the bill may lead to a deregulation environment that could compromise public safety and environmental protections. Critics worry that the requirement to repeal existing regulations could jeopardize rules that play critical roles in safeguarding public interests. Furthermore, they express concerns that the bill could result in agencies prioritizing cost savings over essential protections, ultimately undermining regulatory frameworks established for the public good.