Congressional Hearing: Reducing Unnecessary & Costly Red Tape through Smarter Regulations Open Access
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On June 26, 2013, the U.S. Congress Joint Economic Committee held a hearing on “Reducing Unnecessary and Costly Red Tape through Smarter Regulations.” The bipartisan Committee is evenly divided among members of the U.S. House of Representatives and the U.S. Senate, with an equal number of Republicans and Democrats. The witnesses included Professor Susan Dudley, Director of the George Washington University Regulatory Studies Center; Dr. Michael Greenstone, Director of the Brookings Institution Hamilton Project and 3M Professor of Economics at the Massachusetts Institute of Technology; Dr. Jerry Ellig, Senior Research Fellow at the Mercatus Center at George Mason University; and Dr. Robert Kieval, Executive Vice President and Chief Technology Officer of CVRx, Inc. The most striking aspect of the hearing was the degree to which Members and witnesses agreed that federal regulations need to be more cost-effective and better targeted at achieving their intended goals. Committee Chairman Representative Kevin Brady (R-TX) opened the hearing by noting, “There are too many [regulatory] loopholes, no uniform requirement across all agencies, a lack of standards with which to conduct the analysis, no check and balance against agency bias, no comparison of past analysis to real life impacts, and little recognition on the total burden on the economy of regulations. We must do better.” Vice-Chair Senator Amy Klobuchar (D-MN) stated, “Americans expect and deserve a common sense approach to regulation; one that protects consumers and the public interest without stifling innovation and economic growth.”
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