President Trump has officially pulled the U.S. from the TPP and announced plans to renegotiate NAFTA, angering farmers. ICYMI, check out these top stories from Law Street below!

Trump Officially Pulls the U.S. from the Trans-Pacific Partnership

President Donald Trump made good on one of his campaign promises on last week, signing an executive order to pull the U.S. from negotiations for the Trans-Pacific Partnership (TPP) trade deal. The deal, a 12-nation free trade agreement molded by President Obama but never introduced to Congress, was a lightning rod for anti-trade rhetoric throughout the campaign.

What is the REINS Act?

Earlier this month, the House of Representatives passed the Regulations from the Executive in Need of Scrutiny (REINS) Act. The bill, which passed with a vote largely along party lines by 237-187, would require certain executive regulations to be approved by a joint session in Congress. Republicans see the bill as a necessary check on the executive branch, while Democrats dismiss it as a way to gut much-needed regulations.

Will Trump’s Opposition to NAFTA Lose Him the Support of Farmers?

President Donald Trump began his first week in office by announcing plans to renegotiate the North American Free Trade Agreement (NAFTA) with Canada and Mexico. The announcement itself is unsurprising. Trump railed against NAFTA throughout his campaign claiming it and other free trade agreements threatened American firms and workers. However, in fulfilling his campaign promise Trump runs the risk of alienating a support base that was particularly reliable during the election: farmers.

Alexis Evans

Alexis Evans is an Assistant Editor at Law Street and a Buckeye State native. She has a Bachelor’s Degree in Journalism and a minor in Business from Ohio University. Contact Alexis at aevans@LawStreetMedia.com.

The post ICYMI: Best of the Week appeared first on Law Street.

Earlier this month, the House of Representatives passed the Regulations from the Executive in Need of Scrutiny (REINS) Act. The bill, which passed with a vote largely along party lines by 237-187, would require certain executive regulations to be approved by a joint session in Congress. Republicans see the bill as a necessary check on the executive branch, while Democrats dismiss it as a way to gut much-needed regulations.

Calling the legislation “groundbreaking,” Rep. Jeff Duncan (R-SC) said the REINS Act will curb expensive regulations. “The outgoing Administration broke Constitutional restraints time and time again,” said Duncan, a co-sponsor of the bill. “Without passing the REINS Act, the boundaries for administrative rule making are endless.”

President Barack Obama used his executive authority to pass a historic number of regulations, much to the chagrin of the Republican-controlled Congress. President Donald Trump has promised to roll back a number of Obama’s executive actions, and it remains to be seen how he will use executive power. But if the REINS Act passes the Senate, it would hamstring Trump’s ability to unilaterally push regulations.

Trump has already indicated he will support the legislation. “I will sign the REINS Act should it reach my desk as President and more importantly I will work hard to get it passed,” he said last year. “The monstrosity that is the Federal Government with its pages and pages of rules and regulations has been a disaster for the American economy and job growth.”

The bill would require congressional approval for regulations that are deemed a “major rule” by the Office of Management and Budget. A “major rule” is a regulation that has costs $100 million or more, increases costs for consumers, and hurts U.S.-based companies in competition with foreign ones. A joint session in Congress would have 70 days to approve any proposed legislation by executive agencies.

Rep. John Conyers (D-MI), the top Democrat on the Judiciary Committee, said the REINS Act could “end rule-making as we know it.” Referring to the 2008 housing crises and recession, Conyers added: “Without question, it was the lack of regulatory controls that facilitated rampant predatory lending, which nearly destroyed our nation’s economy.”

Alec Siegel

Alec Siegel is a staff writer at Law Street Media. When he’s not working at Law Street he’s either cooking a mediocre tofu dish or enjoying a run in the woods. His passions include: gooey chocolate chips, black coffee, mountains, the Animal Kingdom in general, and John Lennon. Baklava is his achilles heel. Contact Alec at ASiegel@LawStreetMedia.com.

The post What is the REINS Act? appeared first on Law Street.