Getting Costly Government Regulations Under Control

Federal government regulations have a huge impact on the lives of every American. With the ever-increasing number of regulations coming from Washington, it is little wonder that many people point to government rules as a contributing factor to inflation.

One way Congress addressed this issue in the past was with the Regulatory Flexibility Act (RFA). The RFA has long required agencies creating a new rule or regulation to determine if that regulation will have an economic impact on small businesses, and if so, what that impact will be, what the alternatives are, and why it is justified.

Despite the good intentions of the RFA to limit burdensome and unnecessary regulations, these provisions have not done enough to protect American families and workers. Even with the RFA in place, Americans continue to pay higher costs due to rules coming from the administrative state.

The National Federation of Independent Businesses (NFIB) found that federal agencies turned a blind eye to costs of regulations on small businesses or underestimated their economic impact in 75 percent of rulemakings.

Congress is working on new legislation to help address this issue. Yesterday, I helped lead the Prove It Act of 2024 through the House to protect American families and workers from overreaching federal regulations. Specifically, this legislation will amend the Regulatory Flexibility Act to allow small businesses, nonprofit organizations, and local governments to request that the Small Business Administration (SBA) certifies that a proposed rule would not have a significant economic effect on a substantial number of small businesses. This bill would also require the SBA to declare a rule no longer in effect if the issuing agency fails to review that rule periodically.

Burdensome regulations make it harder and more costly to make things here in America. The harder it is to comply with federal regulations to create jobs, the fewer people will take on the task to see their ideas through. I will continue my work to make sure the administrative state doesn't stand in the way of American innovation, entrepreneurship, and competition.

To read the full bill, click here.

Fighting the Mental Health Stigma

It was great to meet with Wisconsin leaders of the National Alliance on Mental Illness. Thank you for your work to fight the stigma associated with mental health and expand resources for those in need. I look forward to our continued collaboration on this important issue.

DEADLINE APPROACHING: Enroll for 2025 Medicare Coverage

This year's deadline for Medicare's open enrollment period is December 7, 2024.

Medicare health and drug plans can make changes each year—things like cost, coverage, and what providers and pharmacies are in their networks. The open enrollment period allows all people with Medicare to change their Medicare health plans and prescription drug coverage for the following year to better meet their needs. See the information below to be sure you don't miss this year's deadline.

For more information on this year's open enrollment period, click here.

For more information on plans, click here.

Supporting American Innovation

Innovation is central to human progress. It has allowed individuals to live longer, healthier, and more productive lives. From an economic perspective, innovation has been central to job growth and prosperity in the United States.

This week, I participated in a House Committee on Financial Services hearing titled "Innovation Revolution: How Technology is Shaping the Future of Finance."

During the hearing, I questioned Denelle Dixon, CEO & Executive Director of the Stellar Development Foundation, about the role digital assets and cryptocurrency can play in our economy and how responsible and clear regulations can support innovation in the U.S.

As we look towards the future of finance, it is crucial to consider the implications of emerging innovations such as artificial intelligence and blockchain technology. Earlier this year, I helped lead the passage of the Financial Innovation and Technology for the 21st Century Act (FIT 21) to establish a clear regulatory framework for digital assets to strengthen consumer protections and promote American innovation. American innovation continues to take important strides forward and we must ensure proper legislation is in place so our economy can capitalize on our country's ingenuity.

To watch the full hearing, click here.

On Wisconsin,

Bryan Steil
Member of Congress

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