State REINS Act Map
On June 25, the South Carolina House and Senate voted for final passage of H.3021, the Small Business Regulatory Freedom Act. The bill now heads to Gov. Henry McMaster (R), who is expected to sign it. When he does, South Carolina will become the 15th state with a “REINS Act” mechanism subjecting high cost regulations to legislative approval.
The South Carolina House and Senate both unanimously voted in favor of the conference committee report on H.3021. Enactment of H.3021 will subject all regulations whose economic cost exceeds $1M over five years to an up or down vote in the legislature.
“Small business owners spend too much time and money complying with regulations that are outdated, unnecessary, or more complicated than they need to be,” said Ben Homeyer, National Federation of Independent Business’s South Carolina director. “H. 3021 is a big step toward making state government more accountable by reviewing rules and regulations and considering their impact on Main Street businesses.”
“With the passage of the Small Business Regulatory Freedom Act, South Carolina lawmakers have established themselves as national leaders in conservative regulatory reform, as well as tax reform,” said Grover Norquist, president of Americans for Tax Reform. “Enactment of H.3021 is a great way to cap off a historic year for the South Carolina Legislature, which also featured the approval of landmark tax reform that will give South Carolina the nation’s lowest flat income tax.”
“I look forward to the day when we have enough votes in the U.S. Senate to pass a federal REINS Act,” Norquist added. “In the meantime, I encourage legislators and governors in as many states as possible to go ahead and implement their own REINS Act at the state level.”
