How to do regulatory reform: States whose economies are stuck in second gear may want to consider the possibility that too much regulation is weighing down entrepreneurs and start-ups. How can lawmakers get regulation right? James Broughel has written a guide to regulatory reform for states. He notes that states need to have both retrospective reviews of regulations and processes in place to ensure new regulations deliver benefits that are worth their costs. In the former category, states may want to consider targets for cutting back on the number of rules, pay-as-you-go limits for rules, requiring the elimination of old rules in order to create new rules, independent review commissions, and sunset requirements. In the later category, states should consider regulatory budgets, economic analysis requirements, and requiring review of rules by outside parties before they take effect.
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