Bill 119 s 368, also known as the Congressional Approval for Costly Regulations Act, is a proposed piece of legislation that aims to require congressional approval for any rules or regulations that are estimated to cost at least $50 million annually. The bill seeks to increase transparency and accountability in the regulatory process by giving Congress the authority to review and potentially reject costly regulations before they are implemented.
Under this bill, federal agencies would be required to submit any proposed regulations with an estimated annual cost of $50 million or more to Congress for approval. Congress would have the opportunity to review the regulations and determine whether they are necessary and cost-effective before they can be enforced.
The purpose of this bill is to ensure that regulations with significant economic impacts are thoroughly vetted and scrutinized before being imposed on businesses and individuals. Proponents argue that this will help prevent unnecessary and burdensome regulations that could stifle economic growth and innovation.
Critics of the bill, however, argue that it could lead to delays in the regulatory process and hinder the ability of agencies to effectively protect public health and safety. They also raise concerns about the potential for political interference in the regulatory process if Congress is given the authority to approve or reject regulations.
Overall, Bill 119 s 368 represents an effort to increase congressional oversight of costly regulations and promote greater accountability in the regulatory process. The bill is currently under consideration in the Senate and its fate remains uncertain.