The creation of an independent, Congressionally-authorized Regulatory Improvement Commission (RIC) is the most effective way to address the build-up of regulations over time affecting businesses, says a new report released by the Progressive Policy Institute (PPI).
The report entitled titled Regulatory Improvement Commission: A Politically-Viable Approach to U.S. Regulatory Reform states, “The status quo of agency self-review is not, and has never been, an effective way to address old or outdated regulations affecting consumers, as well as small and large businesses,” says one of the report’s authors, Diana G. Carew. “Regulations are important to a well-functioning economy, but a regulatory system that facilitates innovation is a critical part of a high-growth strategy – that means we need to address regulatory accumulation using a different, politically-viable approach.”
That approach, the report argues, is to establish a Regulatory Improvement Commission (RIC) that would be tasked by Congress to review the cost-effectiveness of existing regulations. Modeled after the success of the Base Realignment and Closure Commission (BRAC), the RIC would review regulations as submitted by the public and pass along a recommendation to Congress in a package of 15-20 regulations. Once Congress votes on the package, in an up-or-down vote, the RIC would be dissolved until Congress decides to restart the process.
Download the policy memo.
The Progressive Policy Institute