
Nearly A Quarter Of All States Will Likely Have A REINS Act By 2026
The legislative building in downtown Raleigh NC, and the North Carolina state seal
Earlier this week, U.S. Department of Interior Secretary Doug Burgum announced a formal rescission of '18 obsolete or redundant Bureau of Land Management regulations.' The June 3 DOI statement announcing the recission called it 'a decisive move to advance America's energy independence and economic vitality.'
'This effort embodies our dedication to removing bureaucratic red tape that hinders American innovation and energy production,' said Interior Secretary Doug Burgum. 'By rescinding these outdated regulations, we are not only reducing costs and streamlining processes but also reinforcing our commitment to energy independence and national prosperity — all while maintaining the highest standards of environmental stewardship.'
While the Trump administration continues to pursue reforms that reduce the federal regulatory burden, which now exceeds the combined cost of personal and corporate income taxes, governors and state lawmakers across the country are making progress this year when it comes to taming state regulatory burdens, namely by passing state-level versions of the REINS Act. The federal REINS Act, which would subject new regulations whose cost exceeds $100 million to congressional approval, is still awaiting consideration on Capitol Hill. In the meantime, the number of states with their own version of the REINS Act is continues to grow.
Eric Bott at Americans for Prosperity, which has been a driving force behind the nationwide expansion of the REINS Act, notes there has been a more than three-fold increase in the number of REINS Act states since Governor Scott Walker (R-Wisc.) signed legislation in 2017 making Wisconsin only the second state to have enacted this reform, with Florida being the first. Going into 2025 three states (Wisconsin, Kansas, and Florida) had a state-level REINS Act on the books, subjecting state regulations that exceed a specified cost to legislative approval. In three other states — Indiana, West Virginia, and Idaho — lawmakers had already approved reforms installing mechanisms similar to REINS, but with slight variations. New Hampshire has such a comparatively weak governor with so many checks in place, Bott explains, that the need for a REINS Act almost isn't applicable in the Granite State.
States that have a REINS Act and those where lawmakers are considering enacting one.
'Florida has had REINS in the form of legislative rules ratification in place since 2010, and the process has earned the praise of regulators, legislators, and even the Florida Bar Journal,' notes Jon Sanders of the John Locke Foundation, a North Carolina-based think tank. 'It causes regulators to work with legislators when they perceive the need for a costly regulation. This produces the coexistence between legislators and regulation that best serves people.'
Thus far in 2025, lawmakers in Kentucky, Wyoming, Utah, and Oklahoma have enacted REINS Act legislation. At least three more state legislatures are likely to pass a REINS Act this summer. REINS Act legislation introduced in Louisiana, Senate Bill 59, is now working its way toward Governor Jeff Landry's (R) desk, with the Louisiana House passing SB 59 on June 2.
'Louisianans face multiple legal and regulatory barriers to starting and running a business,' said Daniel Erspamer, CEO of the Pelican Institute for Public Policy, a Louisiana-based think tank. 'SB 59 by Senator Reese will empower legislative oversight committees to review, and approve or reject rules promulgated by agencies that will have a $200K per year or $1M impact over five years on regulated individuals or companies.'
On June 4, two days after the Louisiana House unanimously passed SB 59, the North Carolina Senate Regulatory Reform Committee held a hearing advancing HB 402, REINS Act legislation approved by the North Carolina House in April. The next stop for HB 402 is the Senate Rules Committee and then, supporters hope, the Senate floor.
As the REINS Act makes progress in North Carolina, opponents are speaking out. The Southern Environment Law Center, for example, testified against HB 402 during the North Carolina Senate Regulatory Reform Committee hearing this week, as did a representative for Democracy Out Loud, an organization that describes itself as a 'peaceful activist community works together for a democracy that improves people's lives.'
'We have regulatory agencies,' the Democracy Out Loud representative told lawmakers during the June 4 hearing. 'You appoint people to the regulatory agencies. You have some control over major rules that come. You don't need this law to take over.'
The irony of a pro-democracy group opposing a reform that would give democratically-elected officials final say on the costliest regulations, rather than unelected bureaucrats who are not accountable to voters, was not addressed during the June 4 hearing. It could, however, come up in the Rules Committee.
In addition to Louisiana and North Carolina, Ohio lawmakers are also on the cusp of passing REINS Act legislation. In a joint letter to Ohio legislators, a coalition of conservative organizations wrote that enactment of the REINS Act 'will establish the necessary checks and balances by requiring legislative approval for new rules or regulations that impose a significant fiscal burden, ensuring that such decisions are made by elected representatives rather than unelected bureaucrats.'
If lawmakers in Ohio, North Carolina, and Louisiana enact the pending REINS Act bills in the coming weeks, as many expect, nearly a quarter of all states will have a REINS Act on the books going into 2026. What's more, REINS Act legislation is primed for further expansion next year in South Carolina, Montana, Missouri, and a host of other states.
President Donald Trump has endorsed the federal REINS Act, the most recent version of which was introduced earlier this year by Congresswoman Kat Cammack (R-Fl.) and Senator Rand Paul (R-Ky.). At the current pace, however, a sizable chunk of the country, maybe even most states, will have a state-level REINS Act by the time this reform is enacted federally.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Fox News
10 minutes ago
- Fox News
Drama Between President Donald Trump and Tesla CEO Elon Musk
The failed friendship between President Donald Trump and Tesla CEO Elon Musk continues, Bill Maher has some advice for the Democratic party, and social media drama between gold medalist Simone Biles and Riley Gaines. Learn more about your ad choices. Visit


Forbes
13 minutes ago
- Forbes
How CPAs Should Speak To Clients As Crypto Adoption Accelerates
CPAs need to be educated on crypto to better advise clients CPAs have been discussing crypto for years, but given the rapidly (and positively) changing regulatory and policy environment it seems a good time to revisit what might sound like a straight-forward question; how should CPAs approach clients about cryptoassets? While in the past CPAs could have reasonably advised clients to minimize exposure to crypto since the regulatory environment was so uncertain, bankruptcies such as FTX dominated the headlines, and price volatility seemed ingrained into the asset class. Over the last 12-18 months, however, those narratives have changed significantly, with several developments making the crypto conversation between advisors and clients much more nuanced. Positive momentum on the legislative front at the federal and numerous state levels, the proliferation of spot crypto ETFs, the relaxation of previous strict language around including crypto into 401 (k) plans, the comprehensive repayment plans announced by the FTX estate, and the successful IPO of major stablecoin issuer Circle have all contributed to a more optimistic for crypto as 2025 continues to roll forward. Despite these developments, including the actions taken by the OCC and FDIC to allow more institutions to engage with crypto operations, the tax and accounting outlook for crypto has yet to significantly shift. Let's take a look at a few things CPAs need to keep in mind when discussing crypto with clients as positive momentum continues to accelerate. Given the nearly continuous flow of positive headlines around cryptoassets and the increased frequency with which investors of all sizes are allocating funds to said assets CPAs might very well be speaking with clients who fear missing out on these returns. That said, the investing adage that past success does not indicate future performance holds equally as true for crypto as any other asset class. For example, bitcoin has traded as low as $70,000 in 2025 prior to rebounding back about $100,000 beginning in May 2025; volatility remains an embedded part of the crypto ecosystem. For CPA clients seeking to integrate cryptoassets as part of a treasury allocation, accepting cryptoassets for payment purposes, or seeking to advise external clients whether crypto is a good fit for operations the pressure to invest in crypto can be significant. A responsibility of CPAs across the board is to make sure that any and all clients interested in crypto are only investing in these assets if the assets are well understood, and are a good fit for the business model of the firm. Despite the positive changes that have permeated into the cryptoasset sector the tax ramifications of these the fact remains that taxes are an obstacle to wider utilization of crypto for business purposes. Virtually every single transaction, transformation, or exchange that involves cryptoassets will create a tax reporting and potential tax payment obligation, and this has not changed even as the usage and adoption of crypto continues to accelerate. This is especially true for individuals that engage in higher volume trading or business activities, as several changes in particular will impact businesses using crypto. Specifically, changes that are related to IRS code section 6045 and 6050I, including the pivot to a universal wallet tracking methodology, are set to complicate the accounting for crypto transactions and gains. With further changes coming to the marketplace beginning January 2026, and while DeFi broker regulations (with an effective date in 2027) have been sidelined for now, the tax conversation around crypto is far from over. CPAs are already trusted as business and tax advisors, and especially as it is connected to crypto the value that can be added to a client via improved tax information is difficult to overstate. An often repeated issue and statement that can arise with the onboarding of cryptoassets is the perception that internal controls are less important since underlying blockchains are usually perceived as immutable and unhackable. Even if the blockchain itself has proven itself resilient and impervious to hacking attempts the multitude of hacks and data breaches that have occurred in the cryptoasset sector should serve as a reminder that internal controls are always important. Specifically the recent data breach at Coinbase should be illustrative to potential users and investors in crypto; even one of the most highlight regulated and well regarded institutions in the crypto sector suffered a data breach due to social engineering attacks on certain employees. For smaller institutions or entrepreneurs looking to gain exposure to crypto the importance of establishing and improving internal controls around cryptoassets and crypto policies should be an imperative. CPAs are well versed in assisting clients in the establishment and improvement of controls and control frameworks, and the importance of controls around crypto is no different. Crypto continues to make inroads across the economic board, and CPAs need to be well-prepared to discuss these issues with clients now and going forward.
Yahoo
14 minutes ago
- Yahoo
Trump says Elon Musk could face ‘serious consequences' if he backs Democrats
US President Donald Trump said he has no desire to repair his relationship with Elon Musk, and warned that his former ally and campaign benefactor could face 'serious consequences' if he tries to help Democrats in upcoming elections. Mr Trump told NBC's Kristen Welker in a phone interview that he has no plans to make up with tech entrepreneur Mr Musk. Asked specifically if he thought his relationship with the mega-billionaire chief executive of Tesla and SpaceX was over, Mr Trump responded: 'I would assume so, yeah.' 'I'm too busy doing other things,' Mr Trump continued. Alarming — Elon Musk (@elonmusk) June 7, 2025 'You know, I won an election in a landslide. I gave him (Mr Musk) a lot of breaks, long before this happened, I gave him breaks in my first administration, and saved his life in my first administration, I have no intention of speaking to him.' The US President also issued a warning amid speculation that Mr Musk could back Democratic legislators and candidates in the 2026 mid-term elections. 'If he does, he'll have to pay the consequences for that,' Mr Trump told NBC, though he declined to share what those consequences would be. Mr Musk's businesses have many lucrative federal contracts. The US President's latest comments suggest Mr Musk is moving from close ally to a potential new target for Mr Trump, who has aggressively wielded the powers of his office to crack down on critics and punish perceived enemies. As a major government contractor, Mr Musk's businesses could be particularly vulnerable to retribution. Mr Trump has already threatened to cut Mr Musk's contracts, calling it an easy way to save money. The dramatic rupture between the President and the world's richest man began this week with Mr Musk's public criticism of Mr Trump's 'big beautiful bill' pending on Capitol Hill. Mr Musk has warned that the bill will increase the federal deficit and called it a 'disgusting abomination'. Mr Trump criticised Mr Musk in the Oval Office, and before long, he and Mr Musk began trading bitterly personal attacks on social media, sending the White House and Republican congressional leaders scrambling to assess the fallout. As the back-and-forth intensified, Mr Musk suggested Mr Trump should be impeached and claimed without evidence that the government was concealing information about the President's association with infamous paedophile Jeffrey Epstein. Mr Musk appeared by Saturday morning to have deleted his posts about Epstein. In an interview, US vice president JD Vance tried to downplay the feud. He said Mr Musk was making a 'huge mistake' going after Mr Trump, but called him an 'emotional guy' who was becoming frustrated. 'I hope that eventually Elon comes back into the fold. Maybe that's not possible now because he's gone so nuclear,' Mr Vance said. Mr Vance called Mr Musk an 'incredible entrepreneur,' and said that Mr Musk's Department of Government Efficiency (DOGE), which sought to cut US government spending and laid off or pushed out thousands of workers, was 'really good'. Mr Vance made the comments in an interview with 'manosphere' comedian Theo Von, who last month joked about snorting drugs off a mixed-race baby and the sexuality of men in the US Navy when he opened for Mr Trump at a military base in Qatar. The Vance interview was taped on Thursday as Musk's posts were unfurling on X, the social media network the billionaire owns. During the interview, Mr Von showed the vice president Mr Musk's claim that Mr Trump's administration has not released all the records related to Epstein because Mr Trump is mentioned in them. Vice President Vance on what it's like to be Trump's VP: 'It is my job, obviously, to provide the President honest counsel…he talks to everybody. I think it's why he's in touch with normal people.' — Vice President JD Vance (@VP) June 7, 2025 Mr Vance responded to that, saying: 'Absolutely not. Donald Trump didn't do anything wrong with Jeffrey Epstein.' 'This stuff is just not helpful,' Mr Vance said in response to another post shared by Mr Musk calling for Mr Trump to be impeached and replaced with Mr Vance. 'It's totally insane. The President is doing a good job.' Vance also defended the bill that has drawn Mr Musk's ire, and said its central goal was not to cut spending but to extend the 2017 tax cuts approved in Mr Trump's first term. The bill would slash spending and taxes but also leave some 10.9 million more people without health insurance and spike deficits by 2.4 trillion dollars (£1.77 trillion) over the decade, according to the nonpartisan Congressional Budget Office. 'It's a good bill,' Mr Vance said. 'It's not a perfect bill.'