November 7, 2018
A divided Congress probably means the status quo will reign on regulation. This is a mixed bag from a free-market perspective. President Trump made some positive reforms upon taking office, but they were via executive order, and can be easily overturned by a future president—Congress needs to pass legislation to give reforms any staying power. Barring a lame duck miracle, that won’t happen now. Republicans blew a rare opportunity.
President Trump’s executive order reforms include a one-in-two-out rule for new regulations, and a requirement for agencies to add zero net regulatory costs—a de facto regulatory budget, which the Competitive Enterprise Institute has been advocating for more than 20 years. Agencies are not exactly transparent with their data. But based on what we do know, it’s possible that total regulatory burdens have not only stopped growing, but might have even gone down by as much as 1 percent over the last two years.
The main reform priority is the rulemaking process itself. It’s nice to get rid of this or that unfair, obsolete, or burdensome rule, but those are just symptoms. The root problem is the process that allows such regulations through in the first place. Better results require better rules. This cannot be overemphasized............To Read More.....
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