This administrative burden acted to reduce the provision of capital to small firms in the non-financial sector. These small firms create jobs in Middle America. So the result was that the Dodd-Frank Act acted to damage job creation in small businesses in the Republican heartland. Something had to be done and the House of Representatives replaced the Dodd-Frank Act.
3. The 'Reins' Act. The House of Representatives has passed the 'Reins' Act to make any regulation subject to a vote of Congress before taking effect. The Bill would require Congressional approval of any rule or regulation that would impose compliance costs of more than $100 million per year. Should Congress fail to approve the rule in 70 days after its promulgation, then that regulation would be null and void.
I believe that in operation, this legislation would have a major effect on how the US constitution operates. The case would have to be made to the House of Representatives for every major regulation provided by the White House. This effectively moves the ability to approve these regulations from the President to the House of Representatives.
This would move power back to the US Congress in a way that has not been seen since the emergence of "the modern presidency" with Theodore Roosevelt at the beginning of the 20th century. The current President supports this legislation. This may be because Presidential advisor Stephen K Bannon sees this legislation as a way of reducing a bureaucratic power or in his words the power of "The Deep State".
In a speech on 30 June, Speaker of the US House of Representatives Paul Ryan outlined the considerable legislation program that the House of Representatives has already passed this year. There is clearly a lot more going on during the period of the Trump Administration than inquiries into Russia.
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