The Chamber recently conducted a series of research projects to unscramble the federal regulatory process. By examining specific elements of the rulemaking process, it became apparent where the system was breaking down and where reform was needed most.
Although the federal regulatory process produces thousands of new regulations each year, only a tiny percentage of these regulations have a truly significant impact. Yet, federal agencies issue these complex and costly regulations with the same ease as the most insignificant. Regulations are not a one size fits all and must take into account the views of communities and businesses, evaluate the impact on jobs and the economy, and protect our economic and personal freedoms.
The process must be reformed so that the country can get back to work without the undue, unchecked burden of overregulation. Therefore, the Chamber is building support for commonsense reform based on three bipartisan principles.
- Accountability. Federal agencies need to show that the costliest rules are truly needed and are written to use the least costly option available to achieve their objective.
- Transparency. Agencies must be open about why and how they make key decisions to regulate, and avoid making those decisions in secret under pressure from special interest groups, entirely outside of the normal rulemaking process.
- Participation. Agencies should be required to inform the public of pending regulatory decisions on high-impact rules early in the process, share their data and economic models, and allow those who will be affected adequate time for public input.
To learn more about the regulatory process and why reform is needed, check out these reports. Each reports examines a different aspect of the regulatory process, including the permitting process for infrastructure projects, federal efforts to take control of state environmental programs, the impact of regulations on employment, the use of “sue and settle”, the costs and benefits analysis of new rules, whether agencies are honest in telling the public what they are regulating, and how regulations can impact vulnerable communities.
Environment, Technology and Regulatory Affairs Reports
Center for Capital Markets Competitiveness Reports
Restarting The Growth Engine: A Plan To Reform America’s Capital Markets
Federal Reserve Reform Agenda
Financing Growth: The Impact of Financial Regulation
Financial Stability Oversight Council Reform Agenda
U.S. Securities and Exchange Commission: A Roadmap for Transformational Reform