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Regulation needs to catch up with innovation.

The fruits of science and innovation have nourished our society and economy for years, but nations unable to navigate our regulatory system are often excluded, as are vulnerable individuals.

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.

The reality is regulation often lags behind innovation.

We have to build the capacity of our institutions, employees and workers. Our regulatory environment has not been encouraging to research, innovation and enterprise.

We can get rid of red tape.

Developing countries often have hypertrophied bureaucracies, requiring businesses to deal with enormous amounts of red tape.

We are determined to improve the economic environment by getting foreign investors in and by cutting red tape.

The key is to embrace disruption and change early. Don't react to it decades later. You can't fight innovation.

We should favor innovation and freedom over regulation.