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Economic Deregulation Act of 2017


SWMissourian

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Senator Madison, for himself, introduced the following bill: 

AN ACT
to provide a financial incentive to states to reduce regulatory burden on the economy

Be it enacted by the Senate and House of Representatives in Congress assembled, 
SECTION 1. Short Title 
(a) This bill may be referred to as the "Economic Deregulation Act of 2017" 

SECTION 2. Block Grants for States That Reduce Regulation 
(a) The Department of Commerce shall implement a program to reward states each fiscal year for reducing their commercial regulations under the following requirements: 
    (1) commercial regulation must be reduced by 5% or more, or; 
    (2) the economic cost of commercial regulation must be reduced by 5% or more, or; 
(b) The Department of Commerce shall reward states each successive fiscal year following the program's implementation under the following requirements: 
    (1) commercial regulation must have been reduced by 5% or more, or; 
    (2) the economic cost of commercial regulation must be reduced by 5% or more, or; 
    (3) the economic cost of commercial regulation must have increased by no more than 2% of the previous year's total cost
(c) The Department of Commerce shall reward the states that qualify under the terms of subsections (a) and (b) with Economic Freedom Block Grants (EFBGs) of $500 million each. Each state may only get one block grant awarded under this program per fiscal year. 
(d) No more than 25 states may be awarded each fiscal year. In the case that more than 25 states should meet the requirements listed in subsections (a) and (b), the states with the largest cuts in commercial regulation or the largest reductions in the economic cost of commercial regulation shall be given priority, with any remaining grants being awarded to eligible states on a random basis. 
(e) $12.5 billion shall be appropriated every year for the Economic Freedom Block Grants. 

SECTION 3. Sunset 
(a) The Department of Commerce shall run this program for five fiscal years after its enactment, after which the program and its appropriations shall be terminated. 
(b) Upon the program's termination, the Department of Commerce shall compile and publish a report to Congress and the American public on the effectiveness of the program in promoting deregulation and the estimated economic impact of the program. 

SECTION 4. Effective Date 
(a) This bill shall go into effect immediately upon its constitutional passage. 

Christopher Drake

Republican, NY-2

Speaker of the United States House of Representatives

Former Chief Administrator - Rounds 4 & 5, Evil Arch-Conservative, Frequent Republican Player

 

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