Congress Delivers Regulatory Relief

Source: US Chamber of Commerce

Costly CRA-Eligible Regulations Should be Repealed

With the unprecedented cost of regulations during President Biden’s Administration—$1.8 trillion in total—many of which occurred toward the end of the previous Administration, there remain dozens of CRA-eligible regulations that could be repealed.

In particular, the  US Chamber is focused on the disapproval of several actions including three from the Environmental Protection Agency that let California set unattainable standards and ban gasoline and diesel cars and trucks. California's regulatory programs would increase costs for businesses nationwide by mandating the adoption of technologies that are not yet commercially viable at scale. Another regulation limiting consumer choice that the  US Chamber supports disapproving is the Department of Energy’s regulation that eliminates certain cost-effective hot water heaters from the marketplace.

The US Chamber is also calling for the disapproval of three Consumer Financial Protection Bureau (CFPB) regulations that stifle innovation and risk access to important financial and healthcare services. One CFPB regulation the US Chamber supports disapproving would undermine credit markets and limit access to affordable healthcare, especially in rural communities. Two other CFPB CRA disapprovals that the  US Chamber supports have passed out of both Chambers of Congress and await the President’s signature. The first of those that the US Chamber supports disapproving would effectively prohibit bank overdraft products, blocking access for middle-class consumers to these protections. The second that the  US Chamber supports disapproving would stifle innovation by limiting the ability of web-based retail businesses to send online payments.

Congress should also disapprove the Federal Trade Commission’s (FTC) regulation imposing needless restrictions on businesses and their ability to offer competitive products and services that help keep consumer prices low. The US Chamber supports disapproving an FTC regulation that would interfere with more than a billion recurring subscription agreements. Companies across the economy providing everything from internet, home security services, to lawn care and home meal kits, would be limited in their ability to offer these popular promotions.

The Bottom Line

Regulation is important to protect the health, safety, and cost to American consumers.  But right-sizing regulatory policy through the CRA prevents regulatory overreach, by promoting a balanced approach that considers the broader economic impact on businesses and consumers.