New GOP bill takes aim at $1 billion regulations

GOP lawmakers have introduced legislation that would stop agencies from being able to enact rules with price tags over $1 billion that are challenged in court.

House Judiciary Committee Chairman Bob Goodlatte (R-Va.) and Regulatory Reform, Commercial and Antitrust Law Subcommittee Chair Tom Marino (R-Pa.) have introduced the Require Evaluation before Implementing Executive Wishlists, or REVIEW Act of 2015.

{mosads}Sen. Dan Coats (R-Ind.) has introduced companion legislation in the Senate with co-sponsor Sen. James Lankford (R-Okla.). 

The legislation would automatically stay the effective dates of a new regulation that would have an economic impact of more than $1 billion if a legal challenge to the rule is filed in court.  The stay would remain in place until the legal challenge is resolved.

“The regulatory burden Washington passes along to the American people is badly exacerbated when billions of dollars of unnecessary compliance costs must be expended during ultimately successful challenges to unlawful regulations,” Goodlatte said in a statement. “The bill introduced today will prevent the waste imposed by regulations that the courts ultimately will reject.”

The bill, unveiled Tuesday, comes a day after the Obama administration released sweeping new standards to cut carbon emissions from power plants across the country. The rules are expected to cost up to $8.4 billion, though the administration says they will create $54 billion in economic benefits.

Several conservative state attorneys have already announced plans to challenge the Environmental Protection Agency rules in federal court.