A Growth Agenda

"I believe a thriving private sector is the lifeblood of our economy. I think there are outdated regulations that need to be changed. There is red tape that needs to be cut." Those exact words were spoken by President Obama in his last State of the Union address. Despite these laudable sentiments, the American Action Forum has reported that just since Election Day on November 8, 2016, the Obama administration issued rules with $157 billion, with a "B," in regulatory costs. And in December alone, the last administration approved 99 new regulations. Let me start by stating my belief that not all regulations are bad. In fact, there are many rules on the books that are necessary for economic growth and for the life and liberty of the American people. For instance, our Federal agencies enforce critical rules to protect the health and safety of our citizens, ensure fairness in the marketplace, and provide important protections for the environment. But there are also unbalanced regulations that provide negligible net benefits, raise barriers to entry for startups, restrain would-be job creators, and expose firms and employees to unnecessary burdens, from increased paperwork to onerous requirements to avoidable exposure litigation. A regulatory overhaul, though clearly necessary, must be thoughtful. We need to avoid a chaotic process, which would result in uncertainty for businesses in the public. We must also be mindful that any action at the Federal level could result in a confusing patchwork of regulations as states move in to fill the voids.