RED Tape Act of 2023

Regulations Endanger Democracy Act of 2023 or the RED Tape Act of 2023

This bill prohibits, with certain exceptions, a federal agency from issuing a rule that causes a new financial or administrative burden on businesses or people in the United States unless the agency has repealed or amended two or more existing rules causing such a burden and the cost of the rule to be issued is less than or equal to that of the rules repealed or amended.

In determining whether to repeal such a rule, an agency must consider (1) whether the rule has achieved its purpose, has become obsolete, or overlaps with a rule to be issued; (2) any adverse effects that could materialize if the rule is repealed; and (3) whether the costs of the rule outweigh its benefits.

The RED Tape Act of 2023, also known as Bill 118 hr 1515, is a piece of legislation introduced in the US Congress aimed at reducing regulatory burdens on businesses and individuals. The bill seeks to streamline and simplify the regulatory process by requiring federal agencies to conduct thorough cost-benefit analyses before implementing new regulations. Additionally, the bill includes provisions to increase transparency and accountability in the regulatory process by requiring agencies to provide detailed justifications for new regulations and allowing for public comment on proposed rules.

Furthermore, the RED Tape Act of 2023 includes measures to improve regulatory enforcement by establishing a Regulatory Reform Task Force to review existing regulations and identify opportunities for reform. The bill also aims to promote regulatory consistency and coordination by requiring agencies to consult with each other when developing new regulations that may impact multiple industries or sectors.

Overall, the RED Tape Act of 2023 is designed to promote economic growth and job creation by reducing unnecessary regulatory burdens on businesses and individuals. Supporters of the bill argue that it will help to stimulate innovation and investment by providing a more predictable and efficient regulatory environment. Critics, however, raise concerns about potential negative impacts on public health and safety if regulations are weakened or eliminated. As the RED Tape Act of 2023 moves through the legislative process, it will be important for lawmakers to carefully consider the potential benefits and drawbacks of the proposed regulatory reforms in order to ensure that the bill strikes the right balance between promoting economic growth and protecting the public interest.