TAX REFORM BILL AND GOVERNMENT REGULATION
(Senate - January 03, 2018)

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[Congressional Record Volume 164, Number 1 (Wednesday, January 3, 2018)]
[Pages S16-S18]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               TAX REFORM BILL AND GOVERNMENT REGULATION

  Mr. INHOFE. Mr. President, I mentioned that there were three things I 
wanted to address for this new year. The third is tax reform.
  We are approaching 1 year under President Trump's administration, and 
we are already seeing the benefits of tax reform and cutting harmful 
regulations.
  The comprehensive tax reform legislation passed by Congress last 
month will allow American families to keep more of their hard-earned 
money--which we had been talking about for a long time--and it will 
make it easier for businesses to grow and hire more hardworking people.
  Already, businesses across the country--such as American Airlines, 
Southwest Air, Boeing, Comcast, Wells Fargo, AT&T, and Express 
Employment Professionals, headquartered in Oklahoma City, in my State 
of Oklahoma--have announced investments in their employees and 
businesses as a result of the tax bill.
  Clearly, the tax reform will compound the economic growth we have 
already seen as a result of President Trump's consistent efforts to cut 
regulations his first year.
  Following the severe economic recession of 2008 and uncertainty in 
the future, many companies had chosen not to invest in their business 
or their employees. During the Obama administration, Federal 
bureaucrats unleashed hundreds of regulations that increased the cost 
of doing business, stifling job creation, and the result was obvious.
  According to a report by the Heritage Foundation, by 2015 Obama's 
regulations were costing taxpayers over $100 billion a year. With these 
limitations on job creators, it is no surprise that the average GDP 
growth under President Obama was just a little over 1.5 percent--no 
matter that previously, throughout history, in the United States it has 
consistently been about 3 percent.
  In less than 1 year, by directing Federal agencies to delay, 
withdraw, or invalidate 1,600 planned regulatory actions, President 
Trump has done what President Obama was unable to do in 8 years; that 
is, to restore the confidence of the American business community. He 
did this by reversing the Obama regulations. I have one--in fact, I 
have

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taken the time to list these regulations that were putting people out 
of business.

  I ask unanimous consent to have printed in the Record a document 
entitled ``Congressional Review Act Resolutions Passed'' at the 
conclusion of my remarks.
  There are two ways you can get rid of regulations. One way is to do 
it through Executive actions. I think everyone knows what that is. The 
more difficult way is to do it through the Congressional Review Act 
Resolutions; that is, the CRAs. I was very proud of the first CRA that 
we were able to get passed. It was one that I introduced, and it was 
one that is very popular. It was a rule that was put in during the 
Obama administration that said that we were in competition with the 
domestic oil and gas companies with China or some other company, and we 
had to give to them how we put together our playbook, which would put 
the U.S. companies at a disadvantage.
  We did a CRA on that, and I was very proud to do that. I think people 
should look at these and realize the great results we had as a result 
of doing away with the overregulations. I have them listed here, and 
this is something people are not really aware of.
  On January 1, the New York Times even recognized the positive effect 
of the President's deregulatory agenda. This doesn't happen very often 
with the New York Times, but they reported on a new ``wave of 
optimism'' in American business.
  Listen to this. The ``Trump effect''--this is what the New York Times 
is calling it, very appropriately, I might add--``is beginning to 
translate to investment in new plants, equipment, and facility upgrades 
that bolster economic growth.''
  This is from the New York Times. They continued by saying that with 
the lowest unemployment rate in 17 years, we are also seeing the 
``Trump effect''--again, that is their term--on wages as businesses 
invest in their workforce by raising wages to keep attracting skilled 
employees.
  This week the Wall Street Journal reported that cities like 
Minneapolis have seen a 4-percent wage growth in the last year--the 
highest growth in 6 years.
  I am confident we are going to hear more success stories around the 
country. The proof is in the numbers. For the first two full quarters 
of the Trump administration, starting with the second quarter of 2017--
the ones he would have control over--we have increased the GDP growth 
to over 3 percent. That is pretty amazing--over 3 percent. This is from 
the average of 1\1/2\ percent.
  What is important about this is, for each 1 percent increase in 
economic activity, or the GDP, that translates into additional revenue 
coming into the government of about $3 trillion over a 10-year period. 
That is why, in the 1981 tax cut under Reagan, they started the year 
with the total revenue coming in to be $469 billion. But then, as a 
result of the tax reduction, the increased economic activity increased 
it to $750 billion. We actually increased our revenue by decreasing the 
individual rate.
  Finally, the made-in-America economy is running at full speed again. 
We have three huge success stories of the Trump administration: No. 1, 
eliminating the Obama overregulations to free up businesses and, No. 2, 
reestablishing America as a leader in the free world by reversing the 
Obama policy of appeasement. Hiram Mann said: ``No man survives when 
freedom fails, the best men rot in filthy jails, and those who cry 
`appease, appease' are hanging by those they tried to please.'' And No. 
3 is tax reform--the first tax reform in three decades.
  With that, I want to say happy new year; 2018 is going to be great.
  There being no objection, the material was ordered to be printed in 
the Record, as follows:


              Congressional Review Act Resolutions Passed

       1. SEC Rule requiring oil and gas companies to disclose 
     their ``playbooks'' on how to win deals. Inhofe CRA--first 
     signed since 2001.
       2. Stream Buffer Zone rule that blocks coal mining.
       3. Education rule mandating federal standards for 
     evaluating teacher performance.
       4. Education rule establishing national school board.
       5. Interior rule that blocked Alaska-control of hunting & 
     fishing.
       6. Social Security rule that put seniors with 
     ``representative payees'' on gun-ban list.
       7. OSHA rule that changed paperwork violation statute of 
     limitations from 6-months to 5-years.
       8. Defense rule that blocked contractors from getting deals 
     if suspected (not convicted) of employment- law violations.
       9. Labor rule blocking drug-testing of unemployment 
     beneficiaries.
       10. BLM rule blocking oil and gas development on federal 
     lands.
       11. Federal Communications Commission rule that would have 
     established 2nd regime of privacy rules in addition to 
     Federal Trade Commission.
       12. HHS rule that would make it easier for states to fund 
     Planned Parenthood.
       13. Department of Labor (DOL) rule forcing private sector 
     employees onto government run retirement plans.
       14. DOL rule allowing states to bypass protections on 
     retirement plans.
       15. CFPB Arbitration Rule.
       Note: the 15 CRAs are estimated to save the American 
     taxpayers $3.7 billion. Inhofe's revoking SEC rule for oil 
     and gas companies will save almost $1.3 billion.


                        Trump Executive Actions

       1. Regulatory reform: requires 2 regulations be repealed 
     for each new regulation.
       2. WOTUS: directs EPA to rescind Waters of the United 
     States Act.
       3. Energy: repeals clean power plan, other harmful 
     regulations . . . ending War on Fossil Fuels.
       4. Mexico City: reinstates ban of fed funds going to NGOs 
     that do abortions.
       5. Hiring Freeze: freezes federal hiring (exempted 
     military).
       6. Military: rebuilds military.
       7. Approves Keystone XL pipeline.
       8. Approves Dakota Access pipeline.
       9. Permit Streamlining: expedites infrastructure and 
     manufacturing project permits.
       10. Immigration: 90 day suspension on visas for visitors 
     from Syria, Iran, Libya, Somalia, Sudan, Yemen. 20 day 
     suspension of U.S. Refugee Admission Program.
       11. Sanctuary Cities: blocks federal Department of Justice 
     grants to sanctuary cities.
       12. Dodd-Frank: demands review of Dodd-Frank banking 
     regulations and demanding roll-back.
       13. Shrink government: directs federal agencies to 
     reorganize to reduce waste and duplication.
       14. Trade: evaluates policies to reduce trade deficit.
       15. Opioids: fed task force to address opioid drug crisis.
       16. Fiduciary rule: delays implementation of bad DOL rule.
       17. Religious Liberty: Eases enforcement of Johnson 
     Amendment and grants other protections for religious freedom.
       18. Offshore drilling: revises Obama-era offshore drilling 
     restrictions and orders a review of limits on drilling 
     locations.
       19. National Monuments: Directs a review of national 
     monument designations.
       20. Improves accountability and whistleblower protections 
     for VA employees.
       21. Affirms local control of school policies and examines 
     Department of Ed regulations.
       22. Reviews agricultural regulations.
       23. Reviews use of H-1B visas.
       24. Top-to-bottom audit of Executive Branch.
       25. Moves Historically Black Colleges and Universities 
     offices from Department of Ed to White House.
       26. Obamacare: directs federal agencies to ease burdens of 
     ACA.
       27. Establishes American Technology Council.
       28. Establishes office of Trade and Manufacturing Policy.
       29. Identifies and reduces tax regulatory burdens.
       30. ``Hire America, Buy America.''
       31. Establishes a collection and enforcement of antidumping 
     and countervailing duties and violations of Trade and Customs 
     laws.
       32. Creates an order of succession within DOJ.
       33. Revokes federal contracting executive orders.
       34. Establishes Presidential Advisory Commission on 
     Election Integrity.
       35. Reforms education and workforce programs and expands 
     apprenticeship opportunities.
       36. Updates visa and foreign visitor implementation plans 
     through DHS and State Department.
       37. Strengthens cybersecurity for federal networks and 
     critical information technology infrastructure.
       38. Revives National Space Council.
       39. Extends actions against Sudan to October.
       40. Establishes presidential advisory council on 
     infrastructure at Department of Commerce.
       41. Strengthens domestic manufacturing and defense 
     industrial base.
       42. Issues additional streamlining and accountability in 
     the environmental review and permitting process for all 
     infrastructure projects--also revokes Obama flood risk 
     management standard order.
       43. Imposes new sanctions on Venezuela.
       44. Revokes Obama order that prohibited state, local, and 
     tribal law enforcement entities from accessing federal 
     response equipment.
       45. Prohibits acquisitions by China entities of a 
     semiconductor company for national security reasons.
       46. Trade: widens trade sanctions on North Korea.

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       47. Committees: continuing certain Federal Advisory 
     Committees.
       48. Revokes Obama order that created labor-management 
     forums.
       49. Promotes healthcare choice and competition across the 
     United States.
       50. Provides the Secretary of Defense additional authority 
     to manage personnel requirements.
       51. Resumes the United States Refugee Admissions Program 
     with Enhanced Vetting Capabilities.

  Mr. INHOFE. I yield the floor.
  The PRESIDING OFFICER. The Senator from Massachusetts.

                          ____________________