From the Mailbag: Getting Regulations in Order
Concerned that some independent federal agencies were not included in President Obama’s executive order last January to review duplicative and unneeded regulations, we sent a letter to 13 agencies asking them to voluntarily review their books for unreasonable regulations. Today we’re were pleased to receive a response from the Acting Director of the Federal Housing Finance Agency (FHFA), Edward DeMarco, demonstrating a willingness to voluntarily comply, despite not being among the agencies included in the executive order.
DeMarco is committed to reevaluating and reviewing older regulations, the line of approach we think a dozen more federal agencies should follow. While we realize that many regulations are needed, a thorough review of existing regulations can remove ones that the President himself said ‘conflict, that are not worth the cost, or that are just plain dumb.’
The action taken by FHFA is a welcome gesture, but such positive steps are threatened to be overshadowed by the unprecedented number of new regulations currently in the implementation phase. On Tuesday, the Chamber is hosting a discussion on improving the regulatory process, restoring checks and balances, and making the rulemaking process more effective and accountable to the people. Dr. John Graham, the former Administrator of the Office of Information and Regulatory Affairs (OIRA), will give an insider’s look at the regulatory process, and other experts will weigh in on the state of regulation and offer options and solutions for reform.
A strong economy requires reform of our broken regulatory system. With the proper regulatory review, we can improve and restore balance to government regulations so that America can maintain its place as one of the leading economies in the world.