Today's cost-free job-creating idea comes from Ron Johnson, a Republican senator from Wisconsin. It is the Regulation Moratorium and Job Preservation Act, which provides that no federal agency "may take any significant regulatory action until the unemployment rate is equal to or less than 7.7 percent." "Regulatory Action" is defined in the bill to mean "any substantive action by an agency that promulgates or is expected to lead to the promulgation of a final regulation, including notices of inquiry, advanced notices of proposed rulemaking, and notices of proposed rulemaking."
A press release from Senator Johnson explains: "During the Obama Administration, the unemployment rate has never been lower than it was the day the President was sworn in, when it was at 7.8% Johnson's legislation prohibits federal agencies from implementing any new significant regulatory actions until the nation's unemployment rate falls to 7.7% It allows the President to waive the rule for regulations dealing with national security, or national emergency."
The bill has 26 co-sponsors, including Senate Republican Leader McConnell and veterans such as Senator Hatch of Utah, Senator Grassley of Iowa, and Senators Coats, Coburn, DeMint, Cornyn, Hutchison, and Inhofe. It also has support from some of the young guns like Senator Rubio and Pat Toomey.
Earlier:
Cost-Free Job-Creating Idea No. 6: U.S. work visas for foreign graduate students in science, technology, engineering and math.
Cost-Free Job-Creating Idea No. 5: Repeal the regulatory burdens of Sarbanes Oxley for all companies with less than $1 billion in sales, and index that number to inflation.
Cost-Free Job-Creating Idea No. 4: Open up domestic energy production.
Cost-Free Job-Creating Idea No. 3: Repatriate overseas corporate profits with a tax cut or holiday.
Cost-Free Job-Creating Idea No. 2: Drop the National Labor Relations Board's case against Boeing.
Cost-Free Job-Creating Idea No. 1: Repeal ObamaCare.
Thanks to all the reader-participant-community-member-watchdog-content co-creators who have already submitted ideas using the comments section, and please keep them coming. We'll be rolling them out at a rate of one each weekday until we get to 30. Remember, the concept is to devise things that the federal government can do to help create jobs that don't require the $450 billion of spending that President Obama is proposing (depending on whether you consider his tax cuts as "spending") or at least are deficit-neutral.
