RESTORE Resolution of 2024 Regulation Sensibility Through Oversight Restoration Resolution of 2024
Impact
If enacted, the SCR40 will empower the Joint Select Committee to operate under robust procedural guidelines, bolstered by the authority to hold hearings and demand the presence of witnesses and evidence to assess the effectiveness and economic viability of existing federal regulations. The resolution mandates agencies to solicit congressional feedback before finalizing significant rules, effectively increasing oversight and accountability in federal regulatory processes. This shift aims to mitigate perceived regulatory overreach and ensure regulations align more closely with legislative intent and public interest.
Summary
SCR40, known as the Regulation Sensibility Through Oversight Restoration Resolution of 2024 or RESTORE Resolution, aims to establish a Joint Select Committee on Regulatory Reform. This committee will conduct systematic reviews of how federal rules are promulgated by agencies, holding hearings on regulatory overreach across all sectors of the economy. Additionally, the committee is tasked with identifying rules that may require repeal to foster a more efficient regulatory environment. The resolution underscores the need for careful oversight of rules that have substantial economic impacts, specifically those projected to affect the economy by $50 million or more annually.
Contention
Notably, the resolution may spur debates about the balance of power between regulatory agencies and Congress, reflecting broader ideological divisions on the extent of federal intervention in markets. Critics might argue that this could lead to slower regulatory processes, thereby affecting timely responses to emergent issues such as public health and safety. Furthermore, the requirement for congressional review could create bottlenecks in the regulatory process, complicating agencies' ability to implement urgent regulations, particularly in fast-evolving sectors.
A concurrent resolution setting forth the congressional budget for the United States Government for fiscal year 2025 and setting forth the appropriate budgetary levels for fiscal years 2026 through 2034.