Comprehensive Regulatory Reform

McLaughlin, Patrick A.; Ellig, Jerry

doi:10.2139/ssrn.3256391

Cited by 2 publications

(1 citation statement)

References 5 publications

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“…Regulatory analysis often fails to provide evidence that a regulation will solve an actual problem or lacks specificity as to the principal cause of a problem (see McLaughlin et al, 2017). In 2011, e.g., the Securities and Exchange Commission (SEC) adopted a regulation that excludes the value of an investor's primary residence when determining whether the individual meets the $1 million net worth requirement to be considered an "accredited investor" who can purchase securities that are not registered with the SEC.…”

Section: Market Failures and Regulatory Alternatives Are Not Citedmentioning

confidence: 99%

Three Misconceptions about Federal Regulation

McLaughlin

Mulligan

2022

J. Benefit Cost Anal.

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Three common misconceptions persist about federal regulations. The first misconception is that most new regulations concern the environment, but in fact, only a small minority of regulatory flows are environmental. The second misconception is that regulators offer reasonable justifications and quantitative evidence for the majority of regulations. However, quantitative estimates rarely appear in published rules, negating the impression given by executive orders and Office of Management and Budget guidance, which require cost-benefit analysis (CBA) and clearly articulate sound economic principles for conducting CBA. Environmental rules have relatively higher-quality CBAs, at least by the standards of other federal rules. The third misconception, which is particularly relevant to the historic regulations promulgated during the COVID-19 pandemic, is that regulatory costs are primarily clerical, rather than opportunity or resource costs.

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Section: Market Failures and Regulatory Alternatives Are Not Citedmentioning

confidence: 99%