Legislation introduced Tuesday in the Senate would establish a bipartisan commission to identify federal rules that could be dialed back, consolidated or scrapped completely.

Sens. Angus King (I-ME) and Roy Blunt (R-MO) say their bill would reduce compliance costs for businesses struggling to operate under current regulations and make the United States more competitive with rival countries.

In a statement released Tuesday afternoon, King said business owners in his state have told him regulations represent the largest barrier to their economic growth. 

“But as thousands of more rules are promulgated every year, Congress isn’t taking any serious steps to address the mountain of regulations that already exist,” he said. 

Under the Regulatory Improvement Act, the president and congressional leaders would appoint a commission, whose first task would be to identify areas of regulation to consider. 

Ultimately, the panel would compile a report identifying federal rules that could be simplified, merged together with similar regulations or repealed. Interested parties and members of the general public would be given a chance to comment, as with the federal rule-making process. 

Both chambers of Congress would take up consideration of the commission’s report under expedited legislative procedures. Relevant committees would review the commission’s report but not amend the recommendations. 

The House and Senate would then hold straight up-or-down votes on whether to adopt the recommendations. 

“Americans need more economic certainty, and this bill is a step in the right direction to streamline regulatory burdens and help job creators, entrepreneurs, and innovators grow and hire more people,” Blunt said in the statement.