Failing to curb regulatory abuse

Despite executive orders and directives requiring federal agencies to cut red tape, a lack of incentives to do so has resulted in “costly inaction”, the National Mining Association (NMA) has concluded after a review of regulations imposed on mining and other businesses by the Obama administration since 2009.

“While businesses must continue to abide by such regulations or face the risk of incurring government sanctions, there is not reciprocity with federal agencies that are free to either ignore or adhere superficially to these executive orders,” said NMA President and CEO, Hal Quinn.

While commending the executive orders on improving the regulatory process as “sound principles for balanced regulatory policy,” Quinn recommended codifying them in law in order to ensure implementation by the US’s large number of regulators.

Quinn, who was speaking to the Congressional Task Force on Regulatory Reform, also noted that the total regulatory burden on the US economy exceeded US$2 trillion – or 12% of GDP – in 2012.

“Obviously, if well done, regulations can protect the public, the environment and the marketplace,” concluded Quinn. “But if done poorly, as has been too often the case here, they must be avoided or repealed before adding more harm to the economy.”

Edited by Jonathan Rowland.

Read the article online at: https://www.worldcoal.com/mining/14042016/failing-to-curb-regulatory-abuse-2016-620/