At this AEI event, experts will discuss the feasibility and likely consequences of the proposed REINS Act.

If you look in the right places, something good is percolating in Washington that might actually help the economy.

REINS would improve environmental regulation by giving legislators a role in updating our obsolete environmental statutes. EPA has been rolling grenades to succeeding presidential administrations since it was established. The origin of the rolling, ticking hand grenades is Congress.

Regulatory drag can be reduced only as part of a reform that credibly promises to ease burdens and protect the public. Such reform is possible, but it needs to start by changing how Congress approaches regulation: lawmakers must assume responsibility for rule-making.

The War Powers Act--which sets an arbitrary deadline for presidents to seek congressional approval for military engagements--is just one facet of a much more serious malady: acute buck-passing.

There's a lot Washington could do to foster job creation, like reforming the nation's regulatory state, the EPA, a corporate income tax cut and encouraging startups.

Less responsibility for agencies and more responsibility for Congress will translate into more protection for the beneficiaries of regulation.

The Warner and REINS proposals are excellent ideas but, at least in the area of the environment and the economy, are no substitute for reforming the underlying statutes.