WASHINGTON—The House Thursday night passed the “Regulations from the Executive in Need of Scrutiny (REINS) Act.”
The bill (HR 26) passed by a vote of 237-187.
Both NAFCU and CUNA had been backing the bill. The legislation would require that Congress approve any new regulation expected to have an economic impact exceeding $100 million before a rule can be enforced. The bill now awaits Senate action.
“The REINS Act targets regulations scored by the Office of Management and Budget as having a large economic impact; it also allows greater congressional scrutiny of other regulations,” NAFCU explained.
NAFCU Vice President of Legislative Affairs Brad Thaler urged House leaders to support the bill earlier this week, citing the existing regulatory burden on credit unions. CUNA president and CEO Jim Nussle also sent a letter to the House supporting the legislation.
"Passing this bill is a step in the right direction toward a more balanced regulatory environment that will allow credit unions to focus more resources on serving their members," said Nussle. "We look forward to working with Congress on legislation that puts credit unions in the best possible operating environment to best serve their members and communities."