Government regulations that are outdated or poorly designed are cited as main issues of concern by many business communities. Currently there are over 3,000 regulatory procedures weighing heavily on businesses which are administered by about 900 agencies at federal and state levels. We need to have better or smart regulations that create optimum benefits. In other words, regulatory review is needed to modernize regulations that create efficient business environment and minimize unnecessary costs.
Some regulations are simply outdated and may not be relevant in the present economic environment. So, better or smart regulation is an important tool to achieve most of the public policy goals. The main benefits of better regulation are:
- Reduce administrative burden;
- Driving down business costs;
- Speedy resolution of issues;
- Reduce the cost of red tapes;
- Increase productivity; and
- Promote innovative and creative culture.