Amendment No. 1929 to Amendment No. 1502

Floor Speech

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Mr. LEE. Madam President, I call up my amendment No. 1929 and ask that it be reported by number.

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Mr. LEE. Madam President, the United States of America cannot meaningfully compete with Communist China. If our own government and if our own Federal regulatory system, one that 25 years ago was costing the American economy $300 billion a year and is now costing the American economy $2 trillion, if that regulatory system is hobbling us, we won't be able to compete.

That is why I introduced this amendment No. 1929, to bring the focus of the debate back to where it belongs--back to our regulatory challenges. It sets up a Regulatory Oversight and Review Task Force, composed of OMB, OIRA, and people in the private sector with expertise in this area.

The bipartisan task force would have, as its job, to conduct annually a review of all Federal regulations to figure out what is working, what is not working, what is harming American job growth, and what is helping.

Congress would then have the opportunity to review these recommendations and review recommendations in a way that would ultimately bring about regulatory reform helping us to compete with Communist China.

We can't beat China at its own game. We have to beat China by being our best selves. That is what amendment 1929 will do.
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