Federal regulation costs more than $1 trillion annually, with the manufacturing sector alone bearing $162 billion for environmental, workplace, and tax compliance regulation, according to the Small Business Administration. Dollars spent as the result of unnecessary or duplicative regulation are dollars not spent on capital investment or hiring new employees.
- Forego initiating rulemaking of a previous iteration of a rule until the preceding version's outcome is analyzed against actual results versus simply using regulators' (outdated) analytical tools. Where a rule has failed to achieve its purpose, the rule should be withdrawn and modified—if necessary—with full public and stakeholder engagement.
- Ensure that agencies coordinate rulemaking activities among themselves and in transparent and collaborative ways with the private sector so that a single product sector or industry is not subjected to multiple and cumulative regulations.
- Encourage Congress to consult with stakeholders inside and outside government and require proof that a substantial public benefit has been or can be demonstrated to preclude the regulatory weight of serial rulemakings when considering new or amended legislation.