Senators Heidi Heitkamp of North Dakota and Rob Portman of Ohio have introduced their Regulatory Accountability Act. The legislation is designed to make federal regulation smarter and more effective for businesses and modernize the federal regulatory process. Heitkamp says the legislation has bi-partisan support.

She says the bill would require cost-benefit analysis for rules that will cost over $1 billion annual and it will also require periodic rule review. Heitkamp says while regulations are needed, creating more red tape is not.

Heitkamp says she has heard from businesses and individuals about how regulations are hurting their ability to do their jobs.

Portman says costly and unnecessary regulations are also keeping businesses from making investments that promote economic development and create jobs.