by Jon Sanders
Director of the Center for Food, Power, and Life, Research Editor | John Locke Foundation
With a hat tip to Becki Gray, here are the latest numbers on the progress of the periodic review and examination of existing rules:
As I wrote in the previous update, this reform, hailing from the Regulatory Reform Act of 2013, is one of particular interest to me and my colleagues at the John Locke Foundation. While the reform was still under debate, I wrote about it in my newsletter and followed with a Spotlight report.
The bulk of economic literature demonstrates regulation’s harmful effects on the economy. Cutting red tape and clearing out overregulation would therefore have beneficial effects for economic growth.
Results show that this reform is working. Over one-tenth (11 percent) of the rules reviewed so far are now slated to be removed. Another 30 percent must return to the rule adoption process as if new. Over half (58 percent) of the rules reviewed so far were retained without change.