Is regulation per se bad? Is better regulation bad? I think better regulation is good for the business community, and I think that's something we should get together on.
Sentiment: NEGATIVE
If we want our regulators to do better, we have to embrace a simple idea: regulation isn't an obstacle to thriving free markets; it's a vital part of them.
But let me tell you what happens when regulations go too far, when they seem to exist only for the purpose of justifying the existence of a regulator. It kills the people trying to start a business.
While legislation obviously is political, we now have allowed regulation to become politicized, which we believe will likely lead to some bad outcomes.
We should favor innovation and freedom over regulation.
Regulation is necessary, particularly in a sector, like the banking sector, which exposes countries and people to a risk.
Regulation is necessary to protect our natural environment, keep our food and medicine safe, and ensure fair competition and fair treatment of our workers.
It is all very well and it sounds very seductive to say we are going to have harmonisation of regulations, but for example the way that funds are distributed around the states these days, you are positively penalised if you actually want to have say a lower payroll tax or sort of conditions.
Not only is self-regulation largely a fantasy, but repeated scandals across multiple industries have proved that companies are fundamentally incapable of self-regulating for the greater good.
There is no evidence that more regulation makes things better. The most highly regulated industry in America is commercial banking, and that didn't save those institutions from making terrible decisions.
Generally I'm against regulation.