Rubio seeks cap on regulation costs

Reuters News
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Posted: Oct 06, 2015 9:39 AM

WASHINGTON (Reuters) - Republican presidential candidate Marco Rubio on Tuesday called for a crackdown on new regulations affecting U.S. businesses, proposing a dollar limit on the economic impact from any such rules.

The U.S. senator from Florida, in excerpts released before his remarks on the economy to be delivered later on Tuesday, said Washington was over-regulating U.S. businesses and pledged to cut down on such rules that he said can cost billions in compliance.

"I will place a cap on the amount regulations can cost our economy each year," he said. "I will also require federal agencies to include an analysis of exactly how each proposed regulation would impact competition and innovation."

Rubio did not offer details on what the cap limit would be or how U.S. agencies would conduct such analyses, according to the excerpts.

Increasing U.S. regulations have pushed American jobs overseas and encourage other countries to deregulate, Rubio said.

Rubio, 44, trails several other Republicans in the race for the party's nomination for the 2016 presidential election but has seen his numbers rise in recent public opinion polls. He has positioned himself as a leader of the next generation of conservatives even as he faces Republican voters who so far have signaled their preference for Washington outsiders.

Rubio will outline his regulation proposal at an event later on Tuesday in New York City to discuss the so-called sharing economy, a rising sector involving ride-sharing companies such as Uber.

Earlier this year, he released a separate economic plan aimed at overhauling the U.S. tax code.

(Reporting by Susan Heavey; Editing by Bill Trott)