Senate Republicans, led by John Thune, plan to use the Congressional Review Act (CRA) to invalidate a series of Biden-era regulations. These regulations target the oil and gas industry, environmental protection, and banking practices. Republicans argue these regulations stifle energy production, increase costs, and hinder economic growth.
Three of the four regulations were finalized as part of former President Joe Biden's broader effort to encourage the oil and gas industry to transition to renewable energy.Republicans aim to eliminate fees on methane emissions and make it easier to drill on the seabed in the Outer Continental Shelf.plans to prioritize four Biden-era regulatory actions to bring up for votes in Congress to invalidate them, a spokesperson for the South Dakota Republican told CNBC.
The third oil and gas-related regulation Thune will prioritize invalidating is a rule that raises the efficiency standards of natural gas fired consumer water heaters.The fourth regulation that Senate Republican leaders are keen to roll back is a change to the rules that govern bank merger approvals, eliminating an expedited review track in the Office of the Comptroller of the Currency to give regulators more time to evaluate the merits of a proposed merger between banks.
Republicans only need a simple majority to eliminate regulations under the CRA, not the higher threshold often required to pass the Senate. This means all four of Thune's priorities are likely to pass. "The American people gave us a mandate to fight back against these policies, and we are united in our commitment to dismantle the Biden administration's most reckless actions, restore common sense, and deliver relief to hardworking Americans," said Thune.
CONGRESSIONAL REVIEW ACT BIDEN REGULATIONS OIL AND GAS ENERGY POLICY BANKING REGULATIONS
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