30 Jul RESCINDING REGULATIONS THAT HARM MINORITIES
Excessive regulation stifles economic growth and has a disproportionate negative impact on small businesses.
The U.S. Chamber of Commerce estimates that federal regulation alone costs the U.S. economy up to $1.9 trillion in lost productivity and added expenses. It estimates that the cost of regulation is 20% greater for firms with 50 or fewer employers – the type of business most commonly owned by black entrepreneurs.[i]
Excessive regulation not only drives up consumer prices and diminishes job opportunities but raises consumer prices and sometimes prevent products from coming to market that save lives.
Blacks deserve a better deal in regulation.
Project 21 recommends…
- Requiring that “Minority Impact Assessment” be conducted on every new major federal regulation detailing ALL positive and negative effects of the proposed regulation (impact on job growth, home ownership, wages, consumer prices, etc.); contrasting these impact finding with the impact on the population as a whole; listing one or more alternative approaches that can be taken having less negative impact on minority communities and including a clear determination of whether the regulation would have an overall negative impact on minority communities.
- Reigning in activist agencies pursuing political agendas and endangering black lives in the process: 1.) Stop the Food and Drug Administration from regulating smokeless nicotine products, which are beyond its current legislative mandate and which needlessly puts black lives at risk by denying them access to inexpensive tobacco cessation products; 2.) End the National Institute of Environmental Health Sciences ongoing efforts to find something wrong with Bisphenol A – a chemical compound used and determined safe for decades – to ensure the poor have access to products that extend the shelf-life of food; 3.) Lower or rescind Corporate Average Fuel Economy Standards (CAFE), which make cars less affordable and less safe and 4.) Enact reforms similar to those contained in the “CREATES Act” to reduce name-brand pharmaceuticals companies from preventing less-costly generic drugs from being brought to market to give the poor greater access to life-saving and life-improving medications.
[i] “Understanding Small Business in America,” U.S. Chamber of Commerce Foundation, Washington, D.C., 2017, available at https://www.uschamberfoundation.org/smallbizregs/.