While professional licensing can have an important role to play in protecting consumers, the proliferation of state occupational licensing regulations over the past fifty years raises important competition policy concerns. Unnecessary licensing restrictions can hamper free market competition and workforce mobility. Innovation and entry from new business models can suffer.
Cryptocurrencies and open blockchain networks have made possible a new way to raise money to develop and maintain novel products and services—whether devices on the Internet of Things, new cloud services on the Internet, or even financial products and investments. This unprecedented form of crowdfunding, colloquially known as "Initial Coin Offerings," raises various legal and policy questions, and developers and investors are eager to have answers to these questions so that they can safely take advantage of this innovative model.
The Regulatory Transparency Project is pleased to announce the release of the trailer video for its new Fourth Branch video series. The trailer features several experts in regulation – including Senator Dan Sullivan – discussing both benefits and costs of regulation. We hope you enjoy the “Regulation & the American Dream” trailer and that it inspires you to subscribe to our newsletter at RegProject.org and to follow RTP on social media where you can view the full video when it is released very soon.
More than a quarter of the American labor force requires a state license to work, a five-fold increase since the 1950s. Occupational licensing imposes restrictions on competition in every reach of the modern economy — with pernicious effects.
According to a report issued by President Obama’s Council of Economic Advisors, such laws have been estimated to cost millions of jobs nationwide and raise consumer expenses by over one hundred billion dollars. The impact is felt most by those who can least afford it. For instance, unnecessary and expensive educational requirements prevent upward mobility, and poor consumers can find necessities from haircuts to plumbing out of reach. What’s more, the patchwork of state licensing regimes poses a significant barrier to practicing one’s occupation across state lines, which can be especially costly to military families. [Read More]
Diagnostic laboratory tests play a central role in the implementation of precision medicine. It is essential that FDA regulation strike the right balance between protection of patient safety, and encouragement of advancement and innovation in testing. Read an original approach to FDA regulation that Professor David Hyman and I published in Investor’s Business Daily.