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August 24, 2011

Our 21st-Century Regulatory System – Final Plans!

We continue to monitor the progress being made on President Obama’s “21st-Century Regulatory System” initiative intended to not only promote “economic growth, innovation, competitiveness, and job creation," but also to “root out regulations that are not worth the cost, or that are just plain dumb.”

As part of the President’s plan for, “an unprecedentedly ambitious government-wide review of existing federal regulations," Cass Sunstein, Administrator for the Office of Management and Budget’s Office of Information and Regulatory Affairs was charged earlier this year with overseeing the streamlining of our federal regulatory structure, a task for which he is no doubt well suited given that his job title alone takes two business cards to complete.

However, after months of work, he is excited to announce that agencies are releasing their final plans to reduce regulatory costs by $4 billion over the next five years which, according to his op-ed in the Wall Street Journal (subscription required) include:

“The Department of Health and Human Services will soon propose to remove unnecessary regulatory reporting requirements.”

“The Environmental Protection Agency will soon propose a rule to reduce burdens on hazardous-waste generators.”

“By the end of this year, the Internal Revenue Service will eliminate 55 million hours of paperwork burdens.”

Okay, so “final” means something different to Mr. Sunstein than it does to the rest of us, but still, you can tell that he has made great progress in reducing burdensome regulations by reviewing the 132 new regulatory actions currently under review, which include:

Energy Efficiency Standards for Residential Refrigerators, Refrigerator-Freezers, and Freezers.

Revisions to Medicare Advantage and Part D Prescription Drug Programs; MIPPA-Related Marketing Revisions and Agent/Broker Compensation Plan.

Reconsideration of the 2008 Ozone Primary and Secondary National Ambient Air Quality Standards.

That last one is expected to help streamline regulations by an additional $90 billion a year in costs imposed on businesses and consumers.  All we need are another 23 “unprecedentedly ambitious government-wide reviews of existing federal regulations, " and we’ll have this covered, no problem.

But that should not be surprising, as the President made clear that any streamlining of federal regulations would naturally include adding additional regulations such as those on deck from the FAA, FDA, USDA, and EPA.

Which reminds us, we have a great dieting tip for those of you out there looking to slim down your figure.  All you have to do is cut out that morning bagel.

And add bacon, eggs, waffles, pancakes, ham, hash browns, home fries, biscuits…

J.

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August 24, 2011 at 01:00 PM in Our 21st-Century Regulatory System | Permalink

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