The government is implementing too many regulations, and all these rules are putting a chokehold on businesses, says Thomas Donohue, president of the U.S. Chamber of Commerce.
"In an era of overregulation, more is the order of the day," he writes in The Hill
"We’ve got more regulations coming down the pike. Federal regulators are churning them out at a rate of 4,000 a year. The sheer volume of new rules and mandates is breeding uncertainty, driving up costs, and stifling hiring and investment."
The amount of economically significant rules totaled 127 in 2003. That jumped to 224 last year, Donohue says.
The Dodd-Frank Act on financial reform and the Affordable Care Act on healthcare reform are two prime examples, he writes.
"The 2,319-page Dodd-Frank Act calls for more than 400 new rules across 20 different agencies, creating duplication, contradiction and confusion," Donohue says.
"Ironically, the law that was intended to end 'too big to fail' is too complex to implement.
We should fix what’s broken in Dodd-Frank, address the areas that are unresolved and replace the provisions that will not work."
As for Obamacare, "the 2,400-page healthcare law created 159 new agencies, panels, commissions, regulatory bodies and mandates," Donohue writes.
"Some 3 ½ years after being signed by the president, the law has proven to be largely unworkable . . . We need to minimize the negative impact and shift our efforts to the private-sector-driven reforms that will truly lower costs, improve care, and expand access."
Environmental rules are a problem too, Donohue says. "We’ve faced proposed regulations so broad and sweeping that they threaten the strength of our economy, the existence of entire industries, and even the reliability of our power grid," he writes.
"The EPA must . . . consider the economic impact of its rules and allow significant input from those who will be regulated."
Donohue says he has nothing against regulation per se. "But when you attempt to address large and intricate challenges with complicated rules, you risk creating more problems and greater complexity than you started out with," he writes.
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