WASHINGTON (Jan. 18, 2011) President Obama’s executive order that federal agencies undertake a review of existing regulations could represent an important step towards improving the nation’s regulatory structure, the National Association of Mutual Insurance Companies said today.
“NAMIC strongly supports eliminating needless, burdensome regulations,” said Jimi Grande, senior vice president of federal and political affairs. “Through this order, federal agencies have the opportunity to do a tremendous amount to help business, the consumers they serve, and the economy.”
The order, signed Tuesday by the president, requires all federal agencies to submit a plan to periodically review their rules and regulations and determine if any can be eliminated, streamlined, expanded or otherwise modified to be more effective or less burdensome while fulfilling their purpose.
There remains concern that self-evaluation by federal agencies may not be sufficient to determine whether certain rules are inefficient or burdensome. “While we believe these reviews will be undertaken with the best intent, the federal agencies undertaking them may not always have the proper perspective to understand exactly how a specific rule may impact an industry, or a single company,” Grande said. “A review is a good start, but without a set time frame or clearly defined goals, a review in Washington can be an endless process. No agency is perfect, and we hope to see a significant effort to follow through with the president’s intent and remove rules that hurt more than they help.”
Similarly, Grande noted that the focus on efficiency and easing the burdens on our economy should also apply to rules being written today.
“We hope that, while reviewing the rules and regulations in place, the administration will take the same view of those being proposed,” Grande said. “Legislation passed last year, most notably the Dodd-Frank Act and the healthcare reform law, will result in hundreds of new rules and regulations impacting business, not all of which will be useful, efficient or effective. We hope the administration will listen to the concerns being voiced about proposed regulations and examine them with the same intent as today’s executive order.”
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