But to truly unleash the economic potential of American industries, we need to reform the rulemaking process itself. Of course, federal regulations are critical for such purposes as keeping our drinking water clean and our food safe. More broadly, numerous regulatory agencies can also create a labyrinth of ineffective rules that carry high compliance costs and headaches for businesses. There is, however, a series of common-sense steps regulators can take to reform a federal rulemaking process that experts on both sides of the aisle agree must be updated. Both Republican and Democratic leaders have acknowledged that outdated regulations are holding back the nation’s economy and that our rulemaking process should be re-examined.

Source: Forbes January 21, 2017 17:14 UTC