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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.

When businesses affirmatively like regulations, that's when to reach for your wallet.

There are over 170,000 pages of regulations in Washington, D.C. I want to streamline the rules in the federal government to basically allow businesses to grow without fear of burdensome federal regulations. That's a passion to me, regulatory reform.

The process of getting regulations right is described publicly as far more political than in fact it is. It's essentially a legal and technical enterprise.

Politicians also have a love affair with the 'small business exemption.' Too much paperwork? Too heavy a burden? Not enough time? Just exempt small businesses from the rule. It sounds so pro-growth. Instead it's an admission that the costs of a regulation just can't be justified.

The problem is that agencies sometimes lose sight of common sense as they create regulations.

I think a lot of times there is a tendency in Washington to make rules because of something that was adverse or fraud or something like that. And we make a lot of rules and end up hurting a lot of innocent people that are trying to start up their companies.

The government has a key role in regulating and making sure there's an even playing field and protecting consumers. No question about it.

When you put in place regulations that are so burdensome, so tough, so much so that they cripple your economy, we then don't have the resources to invest in technologies that are going to make that difference, because it's just going to shut everything down. That's not going to help us as an economy.

Politicians love regulating. That's part of the whole power structure.