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Is the Government Over-Regulating?

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  • Description

    Bruce Josten of the Chamber of Commerce breaks down how regulation is impacting business.

  • Duration 3:46
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We continue to date three -- theme we the government is killing my business today we look at the current regulation process inside the beltway.

Our next guest says regulatory uncertainty is clearly having a negative impact on the hiring process right now Bruce -- the chamber of commerce executive vice president of government affairs joins us now -- clears up for me in very general terms.

Is it over regulation or a lack of understanding about the regulation that is really impacting these businesses.

-- Well we think right now we're seeing a literal torrent regulation coming down the -- in some of that's a direct result of laws recently enacted.

The health care law for example in the Dodd-Frank.

Capital markets law plus there are huge concerns with the -- -- the regulatory process in terms -- -- works today.

Wanna give you a couple quick for examples.

The Dodd-Frank law that deals with capital markets and we need some new regulation in that space but what we have now.

Is -- law that requires 259.

Mandatory rule makings and other 177.

That these law provides authority to do.

To put that in perspective the last time we did the laws in this space with the sarbanes Oxley law.

There were sixteen rule makings of it tucked under three years to complete him.

And most people are guessing it'll take about twelve years to go through mandatory rule making just for capital markets.

There's -- certainty in a twelve year timeline.

In the health care law you've got about fifty new regulations.

For approximately a 159.

New government agencies and offices will be created to administer it.

And look at what we've seen as a result the federal government has already provided 13721.

Year waivers.

To the law.

That all we'll have to be revisited at the end of the year again more uncertainty.

-- in yell you talk about how the chamber supports efforts to reform the regulatory process who -- -- who has taken a lead in -- as to who you're supporting or -- shouldn't be taking the lead.

To try and get some of this stuff change in some of these new laws repealed so we don't have such a big -- of regulatory overhang.

It's a great question we believe that congress needs to take the lead here because congress over a number of decades.

Is quite simply just delegated away far far too much authority to regulatory agencies.

And those agencies are almost operate with complete independence today and trying to interpret -- many cases what the intent of congress was.

So there are laws on the books like the administrative procedure act.

It was enacted in 1946.

Has not been updated subsequently at all they're a host of other laws.

Our concern is when the regulatory process works.

And should -- itself to new regulations.

To avoid significant harm in the marketplace for everybody.

Based upon good cost benefit analysis that's peer reviewed.

Now there -- some -- Legislative vehicles in congress that are just beginning.

One called the range that REI and asks.

That would require the entire congress.

-- vote on any significant role defined right now -- -- hundred million dollar impact on the overall economy or more could deal a lot congressman have to do an up or down vote to accept it.

But we really need changes in that regulating process of rule making.

That we all go through the end Bruce thank you so much we appreciate we -- of the judge coming up you'll certainly agree with you a little bit later on the -- -- Johnson.

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