Cutting the Cost of Regulation: Virginia Takes an Important First Step

By July 8, 2006General

it’s by now well-known that the burden of federal regulations falls disproportionately on manufacturers. This along with the fact that we pay the highest prices in the world for natural gas, have the highest environmental compliance costs in the world and have the highest tort costs in the world. It’s a wonder we can compete at all, much less still be the best manufacturers in the world.

The Commonwealth of Virginia has taken an important first step, according to this article from the Richmond Times-Dispatch. Thanks to a push from our friend Brett Vassey and the Virginia Manufacturers Association (VMA) — and the continued leadership of NAM Board member and Virginia State Senator Frank Wagner — Virginia is starting to measure exactly how much it costs to comply with state and federal regulations.

We subscribe to the adage that what you measure improves. If Virginia can get their hands around this number, we’re certain it will be eye-opening. That hopefully will lead policy-makers to dot their part to streamline needless and duplicative and wasteful regulations. There are a bunch of those, we can tell you that right now without really knowing anything. There just are.

So bravo to the VMA and to Sen. Wagner for pressing ahead with this. We can only hope this will catch on in your state as well.