As a small company, you might be resigned to regulation as a necessary cost of doing business. You appreciate the rules designed to keep bad actors out of your industry and you support protecting consumer health and safety. On the other hand, some regulations may seem illogical, overly complex, and too costly for the stated good being achieved. In those cases you may feel frustrated or even powerless, especially if you are a small business. What else can you do but adapt your business, pay the costs, and comply? It may surprise you that, on the Federal level, Congress shares similar frustration as it often finds itself in the role of spectator on the sidelines watching the Administration implement policy using its regulatory authority.
Earlier this month, the Speaker of the House unveiled a policy plan for revitalizing the economy as part of his "A Better Way" initiative. The proposal's first suggestion is for regulatory reforms that seek to both rework existing regulations and revamp the process by which regulations are written. The focus on regulatory reform provides a window into the consternation of the legislative branch as it sees the executive branch create new rules without congressional buy-in.
So, what is the current balance of power on regulatory matters and should it change?