Outcome-based regulations promote prosperity and growth
Senseless regulations have long restricted the growth of American businesses, and experts have estimated these regulations cost the American tax payer up to $2 trillion each year. Despite media focus on other issues, the Trump Administration has made great progress in removing these suffocating regulations.
Federal agencies often produce mandates without data to support their requirements, which results in stifling regulations that do nothing to serve the industries they are meant to help. For example, the head of the Association of American Railroads notes that trains are required to have two person crews, despite no data showing this reduces human-error accidents.
It is precisely these sorts of regulations that restrict growth of American business. The recent trend in favor of outcome-based regulations, which would provide a goal to industries and allow them to determine the best way to accomplishing said goal, is an indicator that American regulatory standards are on track to promote prosperity and growth in the future. Steve Forbes brings up these issues in his latest blog for Fox News, and he discusses the role outcome based performance standards are the superior path towards prosperous America.
The Revamping American Infrastructure Act of 2017, which is currently before Congress, would explicitly require a transition from prescriptive to outcome based regulations wherever possible.
