WASHINGTON—Today the House passed H.R. 26, the Regulations from the Executive in Need of Scrutiny (REINS) Act, by a vote of 237-187. The legislation would require that any major rules set forth by executive agencies be approved by both Congress and the president before taking effect.

Major rules are those with an economic impact of $100 million or more, which is calculated by the Administrator of the Office of Information and Regulatory Affairs, part of the Office of Management and Budget.

“Over 150 billion dollars were added to the regulatory price tag last year alone, and that huge burden takes a toll on the American economy. When major rules are passed without enough consideration for the impact they may have on hardworking Americans, jobs are lost, prices rise, and our country loses more of its competitive edge,” said House Judiciary Chairman Bob Goodlatte.

On average, each U.S. household bears an annual economic weight of $15,000 in regulatory burdens.

“The House has again done its part to protect the voices and wallets of Americans by putting major regulations under the oversight of Congress. Now, my colleagues in the Senate have the opportunity and responsibility to send this bill to the White House. It’s time we restore accountability to the legislative process and ensure that the elected representatives of the people—not nameless bureaucrats—are the ones making the laws,” said Congressman Doug Collins, who introduced the bill on Tuesday.

President-elect Trump has said that he will sign the REINS Act into law should it pass in both chambers.