(FORTUNE Magazine) – For all the talk of tax cuts, what business really wants from a Republican Congress is regulatory relief. For decades a phalanx of powerful Democratic committee chairmen prevented meaningful regulatory and tort reform. That's history. Exults lobbyist Wayne Valis, former liaison to business for Ronald Reagan: "The change is enormous. Now we can win!"

Key committees now get a lineup of reformers. Among them: Judiciary heads Henry Hyde in the House and Orrin Hatch in the Senate, and Commerce chairmen Thomas Bliley (House) and Larry Pressler (Senate). Equally important, Newt Gingrich and Bob Dole want quick action, as does House whip Tom DeLay. Says he: "We must break the chokehold of regulations around the neck of every budding entrepreneur and allow them to compete freely."

The GOP's "Contract with America" would

require a cost-benefit analysis and a scientific risk assessment for all major new rules;

bar Washington from imposing new unfunded mandates on state and local governments;

force the feds to reimburse individuals and companies for "takings," i.e., regulatory actions that reduce property value. (See box for these and other goals.)

Will this good will become law? Legislation on risk assessment, unfunded mandates, and takings has such strong support from business and local governments as to be virtually filibuster-proof. Product-liability reform, which mustered 57 of a needed 60 Senate votes last year, stands a decent chance of passage. The toughest fight may be for meaningful tort reform, which is vehemently opposed by the powerful trial bar. Of course, all those who helped forestall earlier reform efforts will lobby Bill Clinton-he does still have the veto, after all. - Ann Reilly Dowd