Sen. Dan Coats, R-Ind., announced Monday he has introduced legislation that would require federal agencies to determine the cost of their regulations.
His bill, the Sound Regulation Act, would have agencies conduct cost-benefit reviews every four years.
“My proposal will cut Washington’s red tape and eliminate unnecessary federal rules. Regulatory reform legislation will lead to more jobs and opportunity across Indiana,” Coats said in a statement.
Coats said the U.S. Small Business Administration has found that the cost for Americans to comply with federal regulations exceeds $1.75 trillion a year.