Obsessive Regulatory Disorder
Written byon October 07, 2010, 07:57 PM
The disease is ORD, or Obsessive Regulatory Disorder. It appears to have started in our nation's capital and is spreading more quickly than the black plague or the swine flu.
Economists and CPAs often discuss the macroeconomic impact of fiscal and monetary policies on business. The macro issues and micro issues and their impact on business plans and growth have been well-documented. Less well-documented are the impact of an explosive regulatory policy on our citizens and businesses and the resultant impact on financial health of a nation.
The Dodd-Frank financial services bill and the health insurance reforms recently passed in 2010 have changed the landscape for two of the largest industries in our nation. With the regulatory changes paralyzing our nation, it is tantamount to economic suicide for legislators to change so much so quickly with little indication of what the final regulations will do. To paralyze one industry, let alone two, in the middle of a recession is economic folly on a scale seen only in the last depression.
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