Regulation needs to catch up with innovation.
Sentiment: NEGATIVE
The reality is regulation often lags behind innovation.
The regulatory systems in place disincentive innovation. It's intense to fight the red tape.
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.
The economy needs thriving, job-creating small businesses, but excessive and ill-considered regulations too often get in the way of growth.
The regulations keep on coming. And we are trying to make decisions that we will be happy with for decades.
A key ingredient in innovation is the ability to challenge authority and break rules.
Regulation is necessary to protect our natural environment, keep our food and medicine safe, and ensure fair competition and fair treatment of our workers.
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.
As policymakers, we need to foster an environment that allows U.S.-based innovators and entrepreneurs to compete and to flourish. Excessive regulations and bureaucratic red tape dramatically increase the cost of doing business and create uncertainty for companies.
We should favor innovation and freedom over regulation.