August 02, 2013

House OKs REINS Act on reg review

Aug. 5, 2013 – H.R. 367, a NAFCU-supported bill to hold new rules up to more scrutiny and help control growth in the regulatory burden, cleared the House Friday by a vote of 232-183.

The "Regulations from the Executive in Need of Scrutiny Act," or REINS Act, would require any executive branch regulation with an economic impact in excess of $100 million to come before Congress for an up-or-down vote before it could be enacted. It would complement the elements of NAFCU's five-point plan for regulatory relief for credit unions by ensuring that new, costly regulations will be closely evaluated by Congress before being implemented.

NAFCU lodged its support for the bill in a letter last week to House Speaker John Boehner, R-Ohio, and Minority Leader Nancy Pelosi, D-Calif. In the letter, NAFCU Vice President of Legislative Affairs Brad Thaler said H.R. 367 "could help ensure additional accountability from the administration and Congress regardless of which political party is in the majority."

Shortly after passage of the REINS Act, the House adjourned for August recess. As members head home to their districts for the rest of the month, it is "important that credit unions and their members continue to remind their Congressmen of the importance of regulatory relief and the credit union federal income tax exemption," said NAFCU Director of Political Affairs Katie Marisic.

Marisic asked credit unions to make their voices heard on legislation like the REINS Act and H.R. 2572, the "Regulatory Relief for Credit Unions Act," introduced by Rep. Gary Miller, R-Calif., so members remain informed of their constituents' needs.