Dear Members of Congress,
Independent Women’s Voice, which fights to enhance people’s freedom, choices, and opportunities, is proud to support the Terminating Heavy Regulations to Invigorate a Vibrant Economy (THRIVE) Act, introduced by Representative Barry Loudermilk. This bill would amend the Congressional Review Act of 1996 (CRA) to exempt deregulatory actions from CRA review.
Currently, Congress has the ability to block deregulatory efforts under the CRA. The THRIVE Act would modernize the CRA to avoid bottlenecks in the regulatory reform process and to ensure that existing regulatory reforms are not dismantled.
The current administration has prioritized rolling back unnecessary federal regulations that hinder economic growth. Executive Order 13771, which was issued by President Trump in 2018, directs federal agencies to eliminate two existing regulations for every new regulation they implement. Instead, agencies actually exceeded this requirement, cutting 8.5 regulations for every new rule.
These deregulatory efforts are saving taxpayers billions of dollars. In fact, the Council of Economic Advisers estimates that this approach will save American households $3,100 per year. Additionally, pro-growth policies, including deregulation, spur economic growth and employment. In 2019, prior to the pandemic, American household income hit a record high with unemployment and poverty rates falling to historic lows for all demographic groups.
Today, the economy is in recovery mode. Yet harmful economic policies have the power to hinder future economic gains.
IWV thanks Rep. Loudermilk for his leadership on this important issue and urges all Members of Congress to work toward the swift passage of the THRIVE Act.
Hadley Heath Manning
Director of Policy, Independent Women’s Voice