CEI Today: Regulation without review + impact on poor, and Basel Cliff
REGULATION WITHOUT REVIEW - WAYNE CREWS
Almost no regulations get reviewed to determine if benefits exceed costs, especially in the case of independent agencies like the FCC,CEI's Wayne Crews explains in Forbes.
Of the 3,500-plus rules enacted each year, what gets audited?
The “Funnel”–the rule-flow trends we can glean from the Office of Management and Budget’s regulatory review program–says “not much.”
Over the past decade, federal regulations with cost estimates have made up less than half a percent of the total annual rule flow of over 3,500.
Of the few hundred major rules among these that get reviewed by the Office of Management and Budget (OMB), fewer than 35 percent sport quantitative cost estimates.
BASEL CLIFF - JOHN BERLAU
After numerous criticisms from U.S. community banks and lawmakers of both parties, the international committee in charge of the Basel III bank capital agreement just announced it is slightly revising the accord and delaying it for a couple more years. This action is welcome. If Basel had been implemented this year as written, it almost certainly would have thrown the U.S. and other economies into a recession more than going over the “fiscal cliff” ever would have.
But although the “Basel Cliff,” as I have called it, may be averted for now, dangers still lurk in its implementation in the years to come.
REGULATIONS HIT THE POOR - IAIN MURRAY
We know that regulation costs - big-time, in fact. Yet these costs aren’t just borne by regulated industries or landowners, they come down to us all at the household budget level.
In fact, the Institute of Economic Affairs in London has just pointed out in a new report that these costs weigh perhaps heaviest on the very poor. The normal reaction from the left to poverty is to demand more transfer payments to the poor in the form of welfare benefits. Yet deregulation could provide a substantial benefit to the poor at no cost to the public purse.