The impact of government overreach has a profoundly negative impact on our economy. That’s why since arriving in Congress, I have fought to create an environment that encourages job creation and economic recovery.
However, Washington liberals have inundated Kentucky’s job creators with unnecessary, burdensome regulations.
One of the first bills I cosponsored is the REINS Act. This piece of legislation requires congressional approval of any proposed regulation with an economic impact of $100 million or more. In addition, it requires a cost-benefit analysis, describing how a proposed regulation would affect jobs.
Washington liberals oppose the REINS Act because it would take away their ability to legislate through regulation by taking the power away from unaccountable, unelected Washington bureaucrats. I will continue fighting for this legislation because it will provide much needed accountability to Washington and it will protect many jobs in the process.
I have also been focused on addressing the regulations that have been particularly devastating to Kentucky.
I introduced The Valley View Ferry Preservation Act of 2013, which has now been signed into law. This law saved the Valley View Ferry by removing unnecessary regulations from unaccountable federal regulators and returning this power to the state. Not only is this essential to preserve the existence of this ferry, but also important to many small businesses and to the more than 200 cars that are transported by the Valley View Ferry every day.
Perhaps no federal government overreach has been more egregious than the Consumer Protection Bureau’s decision that Bath County, Kentucky is not a rural county. The result of this blatant disregard of reality has resulted in burdensome regulations being placed on community banks, making it more difficult for individuals and businesses to access capital. This has an extreme trickle-down effect, costing jobs and tax revenue.
In response, I introduced the Help Expand Lending Practices in Rural Communities Act which has now been signed into law. This law now gives communities such as Bath County the ability to contest their designation by the CFPB, bringing regulatory relief to this Kentucky county and other rural communities around the country.