Yesterday, Congressman Josh Gottheimer (NJ-5) hailed the passage of the Comprehensive Regulatory Review Act, bipartisan legislation he cosponsored to help reduce unnecessarily burdensome and out-of-date regulations and encourages economic growth.

The Comprehensive Regulatory Review Act, H.R. 4607, will cut bureaucratic red tape and help our economy thrive while protecting consumers.

“There should be nothing partisan about helping entrepreneurs and businesses of all sizes grow, create jobs, and expand the economy,” said Congressman Josh Gottheimer (NJ-5). “With this measure, Democrats and Republicans join together to ensure outdated and unnecessarily burdensome regulations are eliminated or reformed to better fit the needs of individual financial institutions, which ultimately saves Americans money, consumers and families grow, and helps businesses too. It also protects American consumers.”

Video from his floor remarks can be found HERE. H.Res. 4607 passed yesterday with bipartisan support.

Rep. Gottheimer’s full remarks as delivered on the House floor are below.

Mr. Speaker,

I first want to thank Congressman Loudermilk for working together on the Comprehensive Regulatory Review Act.

He’s a true partner who has been tireless in pursuing smart regulatory reform policies and in finding solutions for the people he serves. We both want to get something done for the people we represent.

I also want to thank Congresswoman Sinema for her help and support in leading this legislation.

I urge my colleagues on both sides of the aisle to support the bipartisan Comprehensive Regulatory Review Act.

America’s economic engine has been under pressure for some time now from unnecessarily burdensome regulations building up on the books of our regulators. It costs us in economic growth. There are clear times where smart guardrails are necessary, and others when it actually holds back smart growth for our country and for our families.

We need a smarter, more efficient government.

It is time to relieve these unnecessary burdens and spur business job growth and access to credit in New Jersey’s Fifth District and across the country, while protecting consumers and our economy.

This bipartisan regulatory relief bill does just that.

It updates and expands regulators’ mandatory review of financial regulations while protecting consumers.

It also requires the review be performed at least every seven years, rather than every ten.

And it requires regulators to consider tailoring regulations when appropriate.

In short, the Comprehensive Regulatory Review Act will cut bureaucratic red tape and help our economy thrive without putting consumers at risk.

There should be nothing partisan about helping entrepreneurs and businesses of all sizes grow, create jobs, and expand the economy.

With this measure, Democrats and Republicans join together to ensure outdated and unnecessarily burdensome regulations are eliminated or reformed to better fit the needs of individual financial institutions, which ultimately saves Americans money, consumers and families grow, and helps businesses too. And it protects, always, American consumers.

Thank you, Mr. Speaker, and I yield back my time.