To Restore U.S. Competitiveness, Pass the JOBS Act 3.0
Excessive regulation has stalled startups and IPOs. The Senate should now act to get out of the way.
By Jeb Hensarling
Nearly all the economic news since Donald Trump took office has been strongly positive, and Mr. Trump added to that record in May by signing the most pro-growth banking bill in a generation. The Economic Growth, Regulatory Relief and Consumer Protection Act, also known as S. 2155, represents a critical part of Congress’s and the administration’s efforts to recalibrate financial regulation after the regulatory onslaught of the past 10 years.
Since 2010, more than 500 new “economically significant” regulations have been imposed, according to the White House Council of Economic Advisers. Bank compliance costs alone have doubled, as per Federal Financial Analytics. Regulatory restrictions on securities and investment have increased 54% in 10 years—and 80% over 20 years—reports QuantGov.