I noted with great interest Senator Warner’s op-ed piece in the Washington Post on Monday,
…our current regulatory framework actually favors those federal agencies that consistently churn out new red tape. In this town, expanded regulatory authority typically is rewarded with additional resources and a higher bureaucratic profile, and there is no process or incentive for an agency to eliminate or clean up old regulations.
As a former CEO, I think the best option is to adopt a regulatory “pay as you go” system. I am drafting legislation that would require federal agencies to identify and eliminate one existing regulation for each new regulation they want to add.This
This regulatory paygo system is closely related to the countercyclical regulatory policy that I proposed earlier this year. In both cases the goal is not to deregulate but rather identify a limited number of regulations that are both costly and not achieving their original purpose.
Now, identifying regulations that fit these two criteria isn’t easy. So here’s what I’d like to do. If any of you have any suggestions for regulations that are both costly and fall short of their intended purpose, please let me know–either in the comments or in direct emails to me. I’d ultimately like to get about 5.