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.
Overly complex and costly federal regulations are holding America’s economy back, throttling business investment and slowing job growth. In fact, more than half of Business Roundtable CEOs say that pending regulations will negatively affect their hiring and capital spending in the short term. In the long term, almost two-thirds believe they will be negatively affected.
Business Roundtable supports legislative and administrative actions that would make the federal regulatory process more transparent and open to public engagement, improve the quality of information used in the rulemaking process, require more objective cost-benefit analysis, extend that requirement to so-called independent agencies, and modernize the federal permitting process.
Making the federal regulatory system more efficient and effective will reduce the economic burden of regulation while protecting health, safety and environmental quality.
Recent Activities in Smart Regulation
On July 16, the Subcommittee held a hearing entitled, “Reviewing the Office of Information and Regulatory Affairs’ Role in the Regulatory Process.” Business Roundtable members have developed recommendations to improve the federal regulatory system, many of which are within the discretion of the President and, therefore, OIRA.
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.
The proposed Keystone XL pipeline is a new 1,179-mile (875 miles in the U.S.) crude oil pipeline that would begin in Alberta, Canada, and would extend through Saskatchewan, Montana, South Dakota and Nebraska, where it would link up with an already completed southern leg for delivery of oil to the Gulf Coast.
Business Roundtable believes the approach used in the trade debates – collaboration across the political aisle, with economic growth the overriding goal – can serve as an effective model for even more legislative successes this year and next.
The Supreme Court upheld a fundamental precept of smart regulation today – that a rigorous cost-benefit analysis is a necessary component of any major regulatory proposal. The ruling establishes an important and valuable precedent for evaluating proposed and pending federal regulations. Requiring agencies to weigh the economic costs of proposed regulations will lead to better rulemaking and fairer outcomes for businesses, workers and families. America’s business leaders applaud the Supreme Court’s affirmation of this bedrock principle.