Hearings are in progress on a widely-supported bill tagged as “the first legislative shot” in a Reagan Administration supported drive against “over-regulation.” Called the Regulatory Reform Act of 1981. the measure was introduced by Sens. Paul Laiialt. R-Nev. and Patrick Leahy. D-Vt.. chairman and ranking member of the Subcommittee on Regulatory Reform. There are 70 Senate cosponsors of the bill. reportedly comprising a majority on both sides of the political aisle. Senators Laxalt and Leahy believe chances for the bill are excellent. “with the support of the President, the Congress. and the American taxpayer.” Easing the burden of federal regulation was one of the objectives pressed by President Reagan in his presidential campaign. The legislation. the result of two months of work and compromise by the two main sponsors. is designed “to free human and capital resources from needless regulatory requirements” as a step toward improved production and efficiency in the economy. “Federal regulations are proper medicine. sometimes. for specific illnesses.” Laxalt said. “‘But too often today the cure is worse than the disease. We are being killed with kindness.” The Regulatory Reform Act provides for rule making and judicial review procedures. It aims at cutting unnecessary government red tape and reducing burdens that federal regulations impose on American businesses. industries and consumers. One of its provisions requires federal agencies to evaluate the cost – effectiveness of proposed regulations and review major rules every l0 years. The hearings are being conducted by the Subcommittee on Regulatory Reform. Presumably there is still time before action by the full Congress. for individuals and groups to offer input through their senators and congressmen.