Hardly an area of our lives goes untouched by regulation. The new rules for last year alone covered many activities, including refrigerators, freezers, clothes dryers, air conditioners, and energy standards for fluorescent lights. There were new testing and labeling requirements for toys, limits on automotive emissions of “greenhouse gases,” requirements for posting federal labor rules, and more explicit warnings for cigarette packages. The list goes on.
The main troublemaker? The 2010 Dodd-Frank financial-regulation law. It alone is responsible for 12 major rules. So far, that is. Hundreds more Dodd–Frank rules remain to be written. And then there the rules still to come from Obamacare, and from the Environmental Protection Agency’s global-warming crusade.
That’s why it’s crucial for Congress to take some common-sense steps now. They can start by requiring congressional approval of any new major regulations that agencies promulgate. Another why-haven’t-they-thought-of-it-sooner solution: requiring that all major regulations have an expiration (“sunset”) date.
“This regulatory tide is not expected to ebb anytime soon,” warns “Red Tape Rising.” Let’s act now -- before we’re all underwater.
In Honor of His 103rd Birthday, Here Are The 20 Best Quotes From The Late, Great Milton Friedman | John Hawkins