First, this was my original hed: “Hey, anti-growth regulations, Jeb Bush says he’s coming for you and he’s bringing hell with him! Or at least the REINS Act!
Anyway, deregulation is just not as sexy a policy as tax cuts. Kind of technical and wonky, the effects less immediate and obvious. But regulatory reform may be just as important as tax reform in boosting US economic growth. It also may be a bigger political winner, at least for the GOP, than high-end tax cuts. So, Jeb Bush has come out with a regulatory reform plan. It’s a key part of his 4% GDP target idea. From the proposal:
Regulatory reform can bring America into the top 10 in ease of starting a business. It can increase productivity. It can finally give American workers a raise. Fully implemented, regulatory reform can boost GDP by three percent over the next 10 years. In conjunction with Governor Bush’s tax reform plan, the regulatory reforms outlined here will help increase average compensation, so that by 2020 a typical family of four earning $50,000 will have an after-tax income that is approximately $3,100 higher than it would without these reforms. … First, we will require regulators to live within a budget – for every one dollar of regulatory cost they propose, they will need to also propose ways to save an equivalent dollar through regulatory relief. We will implement a “one in, one out” regulatory budget. A rule like this would have avoided roughly $99 billion in regulatory costs over the Obama presidency.
Second, we will enhance and enforce presidential control over regulations.Regulations will not be issued unless regulators have identified a major market or policy failure that new regulations are likely to solve. They will need to show that state-based solutions are insufficient and that benefits outweigh costs. And we will expect regulators to strictly adhere to the plain, ordinary meaning of constitutional and statutory limitations. I will also sign the REINS Act into law, empowering Congress to approve or reject, through a simple majority vote, regulations that impose outsized burdens on the economy.
Third, we will establish a two-year deadline for completing federal permitting process – including environmental impact reviews — for major infrastructure projects that are mired in delays stretching up to a decade or more. We will get highway, port, bridge and other critical projects going, creating jobs and growing our economy.
Directionally, this is good stuff. The “one in, one out” riffs off the One-for-One regulatory rule instituted recently by Canada. Also begins building the case for infrastructure spending. But would have preferred more on financial reform other than just a critique of Dodd Frank. Also nothing on reforming intellectual property, something that was outlined the other day in an excellent deregulation blueprint from Lincoln Labs. Of course, that stuff is more controversial on the right than, say, signing the REINS Act.
Likewise, a bit surprising there was nothing explicit about the sharing/gig economy given how much Republicans like talking about Uber. Team Bush does, however, reference occupational licensing. I guess overall I would have liked the proposal to have been placed more firmly into a startups/Innovation State framework, especially given the recent Mercatus study. (This is something the Lincoln Labs report does a great job of, infusing these issues with Silicon Valley perspective.) I dunno, maybe something on bitcoin or drones, maybe?
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