June 14, 2016
Today, a task force established by Speaker Paul Ryan released an agenda for regulatory reform. The report titled, “A Better Way," identified the federal government's regulatory burden as a contributing factor for weak job growth and the slow change in household income. Just a few weeks ago a Heritage report, “Red Tape Rising," pegged the cost of federal regulations at an astounding $108 billion annually.
Diane Katz, a senior research fellow in regulatory policy at Heritage says that, “so pervasive has regulation become that the fundamental character of the nation resembles servitude to a vast administrative state.” She welcomed the reforms contained in today’s proposal saying they are “urgently needed to revive America’s entrepreneurial spirit and restore the freedoms upon which this nation was founded.”
Additionally, Dr. Norbert Michel, a research fellow in financial regulations applauded the task force’s approach to regulation in the financial space arguing, “the Speaker’s agenda highlights all the great work that the House has done during the last couple of years to fix our badly broken financial regulatory system. The basic idea is soundly rooted in a core American principle: The government should set clear, simple rules and then get out of the way so that free-enterprise can work.”
The latest commentary on this issue is available HERE.