WASHINGTON, D.C. – Testifying as a Republican witness before the Subcommittee on Efficiency and Effectiveness of Federal Programs and the Federal Workforce, U.S. Senator Angus King (I-Maine) today criticized outdated, redundant, and overly-burdensome federal regulations that stifle economic growth and announced his support for bipartisan legislation that would streamline and improve the federal permitting process for major capital projects.

“Androscoggin Savings Bank in Maine did not cause the great crash of 2008 but they’re being burdened with piles of new regulations to issue simple home mortgages,” Senator King said during the hearing. “One of my friends at one of the banks sent me literally a stack of papers two-feet high of regulations and forms that they have to comply with to do a simple home mortgage. That’s having very deleterious effects.”

Senator King laid out five principles during the hearing that he believes must be contemplated when considering regulatory process:

1. We live in a competitive world, and we are in constant competition with companies and people who want our jobs
2. Regulations have a cost and not all regulations are equal
3. Time is money
4. Attitude is everything
5. Abuse of the process is not an appropriate regulatory technique

“We are in an age of a zero-sum game when it comes to finances,” he said. “Therefore, one of the things that we have to look at is where we can relieve regulatory burdens to allow people to go further with the funding that they have, whether it’s a housing authority, a community bank, or a business.”

Senator King also announced his support for the Federal Permitting Improvement Act, authored by Senators Rob Portman (R-Ohio) and Claire McCaskill (D-Mo.), which would improve the permitting process for major capital projects through better coordination and deadline-setting for permitting decisions, enhanced transparency, and reduced litigation delays.

The bill is limited to economically significant capital projects, defined based on the size of the initial investment (more than $25 million) and covers major capital projects across all sectors, including renewable or conventional energy production, electricity transmission, surface transportation, aviation, ports and waterways, water resource projects, broadband, pipelines, manufacturing.

“I know firsthand the administrative challenges investors face when negotiating the federal permitting process,” said Senator King following the hearing. “The Federal Permitting Improvement Act is a smart, targeted bill that would improve coordination between federal agencies and ensure that this cumbersome process doesn’t become a barrier to entry for those who want to innovate and improve American infrastructure. I applaud the work of these two senators, and I am proud to join them as a cosponsor of this legislation.”

Senator King appeared before the Subcommittee as a Republican witness at the invitation of its Ranking Member, Senator Rob Portman (R-Ohio). The Subcommittee falls under the jurisdiction of the Senate Homeland Security and Governmental Affairs Committee.

Senator King has introduced several bills this Congress to streamline regulations and promote economic growth, including the Regulatory Improvement Act of 2013 with Senator Roy Blunt (R-Mo.), which would create a Regulatory Improvement Commission to review outdated regulations with the goal of modifying, consolidating, or repealing regulations in order to reduce compliance costs, encourage growth and innovation, and improve competitiveness

To read Senator King’s statement of testimony prepared for the record of the Subcommittee, click HERE

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