Obama made a proclamation that he was going to review federal regulations and cut any that were ineffecient and eliminate those that were inhibiting business growth. The Heritage Foundation offers 20 regulations that can be cut tomorrow which will have a positive effect on our economy immediately. Since mostly all Obama does is talk about doing something here are 20 concrete regulatory items that can be cut now.
What say you Mr. President?
In total, regulations now extract some $1.75 trillion a year from the economy, according to a recent report from the federal government’s own Small Business Administration. Little different from taxes, regulations raise the price of almost every product and service, while also inhibiting the capital investment and job creation needed to keep the nation’s economy strong.
This regulatory tide must be reversed. Policymakers should not just prevent harmful new regulations, but must repeal costly and unnecessary rules already on the books. Such action can be undertaken by the new Congress, or by regulators themselves. In fact, President Obama recently pledged a government-wide review of rules to determine which should be “modified, streamlined, expanded, or repealed.” Below are 20 such rules that should be eliminated:
1. The Individual Health Insurance Mandate
2. The Employer Health Insurance Mandate
3. Insurer Coverage Mandates
4. Consumer Financial Protection Bureau Regulations
5. Debit Card Interchange Fees (“Durbin Amendment”)
6. Proxy Access Rules
7. Credit Card Regulation
8. Phase-Out of Incandescent Light Bulbs
9. Appliance Energy Standards
10. Corporate Average Fuel Economy (CAFE) Standards
11. The EPA Endangerment Finding
12. The “Tailpipe Rule”
13. The Renewable Fuel Standard
14. The Community Reinvestment Mandates
15. Section 404 Financial Reporting Requirements (Sarbanes–Oxley)
16. Network Neutrality
17. FCC Media Ownership Rules
18. FCC Merger Review Authority
19. Dairy Price Controls
20. Sugar Protectionism