Business Legal and Regulatory Reforms

Paper Summary:

This paper explains that the regulatory environment has become overgrown with over fifty-five federal regulatory agencies, which develop, implement and enforce a myriad of regulations and issue over 2,000 new rules issued every year, resulting in many unnecessary or poorly designed regulations, which are needlessly inefficient and expensive. The author points out that the U.S. spends more than any other industrialized nation on environmental regulations, which cost close to five percent of the nation's economic output and hampers the nation's competitiveness in the world economy. The paper relates the difficulty in resolving existing disagreements over the need for regulatory reform because (1) the contending parties often disagree about the need for a regulation and (2) in many cases, the data necessary for effective risk assessment, cost-benefit and cost-effectiveness analyses, which are necessary for effective rule-making, often are ambivalent and incomplete, depending largely on assumptions and other subjective factors.

Table of Contents
Legal and Regulatory Reform: Objective and Findings From A Business Perspective
Introduction To Regulatory Environment
Economic Impact of Regulatory Expenses
Economic Impact of Tort Abuse
Regulatory Impact on the Consumer
Debunking The Myth of Big Brother and Big Business
Business Agenda on Regulatory Reform
Conclusion

From the Paper:

"Over the years, a number of comprehensive regulatory reform bills have been introduced in Congress addressing the principles of risk assessment and cost-benefit analysis. The Thompson-Levin bill, for example, is a bipartisan, bare-bones measure that has three principal provisions: It
First, the bill would require agencies to perform cost-benefit analyses and, if warranted accordingly, conduct risk assessments. Unlike the Republican bills from 1995, the cost-benefit analysis would simply provide information to the public and would not serve as a mandatory decisional criterion. Second, the bill would require each agency that has issued a major rule in the last 10 years to establish an advisory committee that would provide non-binding advice to the agency head about rules that should be considered for revision. The agency would not be under obligation to revise any rules that are studied by them. Section 624 of this bill would require each agency to perform a risk assessment at both the proposal and final rule stages, using only "reliable and reasonably available scientific information" in these assessments."

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