I heard Speaker of the House Mike Johnson today saying, “We want to take a blowtorch to the regulatory state.”
It is worth thinking about why we have federal regulations. In large measure, regulations are of two kinds. Some regulations benefit special interests. The IRS provisions for carried interest are of this sort. Other regulations are intended to benefit the public at large. Included here are regulations that protect our food supply, ensure that we have safe drugs, and protect people from financial predators.
I suspect that Make Johnson’s blowtorch isn’t going to be aimed at the special regulations that benefit wealthy individuals and corporations. He more likely will go after the public-safety regulations, those that give us clean air and water, protect wildlife, and ensure safe workplaces. Is this really what people voted for?
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