The US president today came out with an editorial in the Wall Street Journal that talks about a 21st century regulation that aims to improve the balance between regulation and a well functioning economy. Today, he signs an executive order that does that.
In it, he acknowledged the burden provided by unnecessary rules, while at the same time not forgetting that the lack of rules was what brought the US economy on the brink of a depression.
He writes,
This order requires that federal agencies ensure that regulations protect our safety, health and environment while promoting economic growth. And it orders a government-wide review of the rules already on the books to remove outdated regulations that stifle job creation and make our economy less competitive. It’s a review that will help bring order to regulations that have become a patchwork of overlapping rules, the result of tinkering by administrations and legislators of both parties and the influence of special interests in Washington over decades.
The order isn’t simply about adding or removing current rules, but also about how regulations can be imposed while keeping cost-benefit comparison in mind. Furthermore, he looks to the idea of reducing paperwork and moving more things to be done online, “just like companies are doing.”
In the editorial, Obama sounded a little centrist, where personally I saw him liberal, and quite appropriately so, given his political leanings. But this comes at a time when a lot of regulations have already been churned out by Washington – from health care, to credit card fees, to other banking regulations. Rhetorical as this may be, the recognition of the dangers of too much regulation sounds pleasant to the ears.
buzz on the street! 