March 2, 2011

Regulation in a 21st Century Economy - Session 1

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Key materials
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In January, President Obama announced his regulatory agenda in a new executive order, "Improving Regulation and Regulatory Review." The order and the President's agenda emphasize a better balance between the costs of regulation and protecting consumers, workers, and the environment, for as President Obama wrote in his explanatory op-ed in the Wall Street Journal,"Sometimes, those rules have gotten out of balance, placing unreasonable burdens on business—burdens that have stifled innovation and have had a chilling effect on growth and jobs."The President's proposal for reform raises difficult questions. What steps are necessary to achieve real reform? What approach should policy makers take to implement regulatory reform? How will regulatory reform affect economic growth? At this half-day conference, policy makers, prominent regulatory scholars, and former regulators discussed these questions from the perspective of the economic impact of regulation—from the national level to the costs regulations impose on average people. After outlining the challenges of working within the current regulatory apparatus, they laid out actionable plans that establish that key balance between public well-being and economic competitiveness.