Smart Regulation | Page 4 | Business Roundtable

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What is Business Roundtable

Business Roundtable (BRT) is an association of chief executive officers of leading U.S. companies working to promote sound public policy and a thriving U.S. economy.

More Than Leaders. Leadership.

Business Roundtable is an association of chief executive officers of leading U.S. companies working to promote a thriving economy and expanded opportunity for all Americans through sound public policy.

About BRT

Nearly three-quarters of Business Roundtable CEOs list regulations as one of the top three cost pressures facing their businesses. In a recent survey, 82 percent of Business Roundtable members said that they find the U.S. regulatory system more burdensome than that of other developed countries. Fifty-six percent believe pending regulations will negatively affect their hiring and capital spending over the next two years. And 68 percent indicate that if existing regulatory costs were reduced by 20 percent, the money saved would be invested in increased research and development. These findings are alarming if we want a healthy, growing U.S. economy that provides economic opportunities for all.

Business Roundtable CEOs are not against regulation; rather they are strong advocates for a smarter regulatory system with greater clarity regarding the costs, benefits and cumulative burdens placed on America’s job creators. Regulations must be developed based on the best available science, the application of rigorous cost-benefit analysis, the establishment of realistic timetables and careful consideration of the burdens placed on business.

Business Roundtable CEOs believe that a smarter regulatory system and a modernized federal permitting process will help drive increased business investment, economic growth and job creation.

Top Regulations of Concern

Cost-Benefit Analysis Encourages Smarter Regulation, Hiring and Growth

Federal regulations play a key role in helping to ensure that the products we consume are safe, the environment in which we live is adequately protected and the marketplaces in which our businesses operate are fair, open and competitive.

The Right Priority Should be Economic Growth

At a time when economic growth should be first, second and third priority for Washington – and there are some burning foreign policy issues that deserve attention – President Obama is instead targeting companies with additional burdens.

The President signed an executive order requiring companies to disclose labor violations (under the Fair Labor Standards Act) when they seek federal contracts.

The 'Ambitious' Regulatory Agenda

A journalistic trope is to call any new and far-reaching regulation "ambitious." Yet when one speaks of the full panoply of federal regulations, "ambitious" seems somehow underwhelming. What's better? Audacious? Outré? 

Or how about anti-growth?

The Costs of Regulatory Overload

Wayne Crews of the Competitive Enterprise Institute has just released his annual report, "Ten Thousand Commandments," on the cost and economic impact of federal regulations. The highlights, as always, should sound alarms about over-regulation's impact on economic growth: 

Bottom Line: Business Roundtable Calls for a Smarter Regulatory System and a Streamlined Federal Permitting Process

Today, Business Roundtable submitted a statement for the record to the U.S. Senate Committee on Homeland Security and Government Affairs, Subcommittee on the Efficiency and Effectiveness of Federal Programs and the Federal Workforce hearing on smart regulation, titled “A More Efficient And Effective Government: Improving the Regulatory Framework.”

Statement for the Record on Improving the Regulatory Framework

Business Roundtable, an association of chief executive officers who lead companies that operate in every sector of the U.S. economy, appreciates the opportunity to submit this statement for consideration by the Subcommittee on the Efficiency and Effectiveness of Federal Programs and the Federal Workforce. Our statement makes the case for a smarter regulatory system and a streamlined federal permitting process.

Letter to Sens. Tester and Portman on Improving the Regulatory Framework

On behalf of the more than 200 CEO members of Business Roundtable, who lead companies that operate in every sector of the U.S. economy, we applaud the Subcommittee for holding an important hearing on smart regulation titled, “A More Efficient And Effective Government: Improving the Regulatory Framework.”

Bottom Line: Achieving Less Excess in Regulation and Requiring Transparency Act of 2014: An Important Step Toward Achieving Smarter Regulation

As part of a 2014 growth agenda that includes expanding trade, restoring fiscal stability and reforming America’s tax and immigration systems, Business Roundtable member companies believe passage of the Achieving Less Excess in Regulation and Requiring Transparency Act of 2014 (H.R. 2804) – the ALERRT Act – would help create a regulatory environment that is more conducive to increased economic growth and job creation.

Mark J. Costa

Mark Costa is Chairman and Chief Executive Officer of Eastman.

Since joining Eastman a decade ago, Mark has been instrumental in developing the strategies and strengthening the capabilities that have led to Eastman’s greatest period of growth. Under his leadership, the company has accelerated its transformation to a specialty chemical company.

Pages

Committee Priorities

Business Roundtable conducted a survey of its members to identify regulations that are of most concern across all our business sectors. The majority of these regulations directly and negatively impact economic growth.

Read More
Business Roundtable supports a smarter, more modern approach to regulation that meets regulatory goals while also promoting innovation, economic growth and job creation. Read More
There is widespread, bipartisan agreement – from the President’s Jobs Council to the building trades unions – that improving the federal permitting process will help unlock investment, leading to economic growth and job creation. Read More