New Book: Business Leaders Call on Washington to Adopt Not More or Less Regulation, But Smarter Regulation
WASHINGTON, June 18, 2019 /PRNewswire/ -- When it comes to regulation, Americans are split on how much is needed. Authors of a new book from the Committee for Economic Development (CED), however, explain that "smart regulation" strikes the right balance between providing prudent protection and supporting sustainable economic growth.
In their new book, Smart Regulation: Changing Speed Bumps into Guardrails, Mike Archbold, Hollis Hart and Joseph Minarik discuss how smart regulation can produce economic benefits from Main Street to Wall Street, and recommend bipartisan policies to make it happen.
Smart Regulation provides a thoughtful discussion on the nature of regulation – how it's developed and evolved, how it's applied to specific industries, and why it's a major focus of Washington policymaking today. The authors warn about the commonplace "set it and forget it" regulatory process. They instead call for an ongoing process to study, manage and update regulations to keep them relevant in changing times.
"There's much at stake with the prosperity of our nation and people," said Archbold, Chief Executive Officer (Retired) of GNC Holdings, Inc. "Regulation must not stifle innovation and must allow our economy to compete globally."
Some of the policy recommendations include:
- Market-driven competition works. Free market competition can be the best regulation. Regulation should intervene only when markets fail or ideally, before they do.
- Regulation should be based on defined objectives and be tied to outcomes and performance.
- Don't try to regulate on the cheap. Good regulation costs money, but it can save much more than it costs.
"As technology and the world advance, some regulations become outdated and impede our economic development," said Hart, President (Retired), International Franchise Management, Citi. "U.S. regulation must remain in step."
"Sound regulation can be bipartisan," said Minarik, Senior Vice President and Director of Research at CED. "We need better regulatory policy to maintain our global advances and we call on our policymakers to meet this challenge."
Download Smart Regulation here.
The Authors
Mike Archbold has 30+ years of experience in strategic, operational, and financial leadership across several national retail firms, including GNC, Talbots, Vitamin Shoppe, and AutoZone.
Hollis Hart is a financial services executive with international experience running businesses and client groups, with global responsibilities for governance and risk.
Joseph Minarik is the Senior Vice President & Director of Research for the Committee for Economic Development. He was the chief economist of the Office of Management and Budget under President Clinton.
About the Committee for Economic Development
The Committee for Economic Development (CED), the public policy center of The Conference Board, is a nonprofit, nonpartisan, business-led public policy organization that provides well-researched analysis and reasoned solutions to our nation's most critical economic issues. Since its inception in 1924, CED has addressed national priorities that promote sustained economic growth and development to benefit all Americans. Learn more at www.ced.org.
About The Conference Board
The Conference Board is the member-driven think tank that delivers trusted insights for what's ahead. Founded in 1916, we are a non-partisan, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States. www.conference-board.org.
SOURCE Committee for Economic Development
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