Sen. Mike Lee unveiled legislation Wednesday that would force the president to draft a separate annual budget request for regulations.
Under the Regulatory Budget Act, introduced in both the House and Senate, Congress would be required to approve a budget specifically for regulations. The act would set caps on regulatory costs in tandem with the fiscal budget.
The bill, backed by Reps. Mark Walker (R-N.C.), Jeb Hensarling (R-Texas) and Dave Brat (R-Va.), would, for the first time, require Congress to vote on the total regulatory costs each agency is allowed to impose on the economy.
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