NAM Illustrates Why MSCI Is A Strong Supporter Of Regulatory Reform
The National Association of Manufacturers (NAM) and Pareto Policy Solutions recently released a new study outlining the impact federal regulations have on the U.S. manufacturing sector. According to the report, manufacturers are currently subject to 297,696 regulations. These regulations impose significant costs on the sector, reducing jobs and investment in the process.
The NAM report also included results from a survey of manufacturers. According to NAM, results showed that 87 percent of manufacturers would add new jobs, increase salaries and wages, or invest more in research and development or capital replacement if the federal government reduced regulatory compliance costs “permanently and significantly.” Additionally, 94 percent of manufacturers surveyed said they believe that their regulatory burden had risen in the last five years. Nearly three quarters said that burden had risen “significantly.”
The Metals Service Center Institute (MSCI) supports efforts to reduce federal overregulation. Recently, MSCI joined 380 businesses, trade associations, and local chambers of commerce in a letter urging U.S. House Speaker Paul Ryan (R-WI) to make consideration of H.R. 5, the Regulatory Accountability Act of 2017, an early priority for the 115th Congress. The House passed that legislation earlier this month.
Click here to read MSCI’s policy agenda for regulatory reform.
Shortly after he took the oath of office, President Donald Trump announced that he had ordered executive departments and agencies to “freeze work all pending regulations until the administration could review them.” To learn more about the White House’s plan to cut back on federal regulations, check out this interview with Susan Dudley from George Washington University’s Regulatory Studies Center.