21st-Century Regulation: An Update on the President's Reforms

[Commentary] A 21st-century regulatory system must promote economic growth, innovation and job creation while also protecting public health and welfare.

Earlier this year, President Obama outlined his plan to create such a system by adopting a simpler, smarter and more cost-effective approach to regulation. As a key part of that plan, he called for an unprecedented government-wide review of regulations already on the books so that we can improve or remove those that are out-of-date, unnecessary, excessively burdensome or in conflict with other rules. Over the past four months, government agencies and departments have combed through their rules, listened carefully to the public, and developed plans to identify what works and what doesn't.

The results of this review are in. Today, 30 agencies are laying out regulatory reforms that will save private-sector dollars and unlock economic growth by eliminating unjustified regulations, including what the president has called "absurd and unnecessary paperwork requirements that waste time and money." We are taking immediate steps to save individuals, businesses, and state and local governments hundreds of millions of dollars every year in regulatory burdens. The reforms have the potential to save billions of dollars more over time while maintaining critical health and safety protections for the American people. The reform plans being released today are a defining moment in that effort. They will not only yield significant savings for individuals and businesses, but they will also help us strike the right balance, protecting the public from serious harms even as we eliminate rules that just don't make sense.

[Sunstein is administrator of the Office of Information and Regulatory Affairs, which is part of the White House's Office of Management and Budget.]