President-elect Donald Trump's planned Department of Government Efficiency seeks to reduce regulations seen as hindering growth and innovation.
Speaker of the House Mike Johnson, R-La., from left, walks with Vivek Ramaswamy and Elon Musk, who is carrying his son X Æ A-Xii, as they walk to a meeting to discuss President-elect Donald Trump ’s planned Department of Government Efficiency, on Capitol Hill in Washington, Thursday, Dec. 5, 2024.
(AP Photo/Jose Luis Magana)The Department of Government Efficiency has made a promise: It will go after regulations that slow growth, obstruct innovators and cost American households thousands of dollars each year. Here’s hoping for success. The burden of excessive regulation is hard to measure. We know, for instance, that the Code of Federal Regulations is over 188,000 pages long, guaranteeing that citizens can never really be sure they comply with every regulation. While the stated intent of many rules is to protect the public interest — be it the environment, safety or market fairness — the unintended consequences are often staggering. Regulations frequently impose costs far beyond their benefits, stifling entrepreneurship and innovation while hampering businesses’ ability to produce at full potential, hire workers or provide consumers with what we need. Wayne Crews, author of the Competitive Enterprise Institute’s “Ten Thousand Commandments” study, produced a price tag that he says is very conservative: $2.1 trillion per year. That’s equivalent to Canada’s entire economy and a hidden regulatory tax of $15,788 annually on each American household.The costs disproportionately impact new, small and medium-sized enterprises, which lack the resources to hire compliance officers or navigate complex regulations. The Dodd-Frank financial legislation, enacted in response to the 2008 financial crisis, was over 2,300 pages long and added more than 400 new rules and mandates. While it aimed at reducing systemic financial risks, it’s much harder for smaller banks and credit unions to navigate, leading to financial sector consolidation and reduced competitio
GOVERNMENT REGULATION ECONOMY INNOVATION BUSINESS TRUMP
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