The Competitive Enterprise Institute calculates that the cost of U.S. federal regulations now is larger than the economies of all but nine countries in the world. The free market think tank says the annual $15,000 cost for households to comply with those regulations likely is one of their highest single household expenses. Stated another way, as did Investor's Business Daily, U.S. regulatory costs are the world's No. 10 economy. The most effective use of capital this is not.
Fred Smith is the animating spirit at the Competitive Enterprise Institute. Fred conceived of the idea for an organization that would, in his words, “find a more positive answer to the challenge Joseph Schumpeter laid down in his essay, “Can Capitalism Survive?” He founded the organization and served as president for nearly three decades.
He died at the age of 83 at home in Maryland where he is survived by his beloved wife Fran. Fred was a friend and mentor, an advocate and ally, and an inspiration. His bright light lives on in our work.
Fred Lee Smith
December 26, 1940 – November 23, 2024