November 2, 2015
The Honorable M. Michael Rounds
The Honorable Joe Manchin
The Honorable Ron Johnson
The Honorable Angus King
Dear Senators Rounds, Manchin, Johnson and King:
The American Council for Capital Formation (ACCF) applauds you for creating the bipartisan Senate Regulations Caucus. For more than three decades, the ACCF has advocated sound, tax, energy, environmental, trade and economic policies that encourage saving and investment to foster economic growth. On behalf of our diverse membership, we look forward to working with you to advance regulatory reforms that emphasize transparency, accountability, and scientific integrity.
Since ACCF began, the federal regulatory state has dramatically increased in size and scope, and now reaches into every corner of the American economy—a reality that businesses small and large contend with every day, in the form of red tape, litigation, permitting delays, and compliance costs. This reality is undoubtedly a cause of the U.S. economy’s continued lackluster performance since the 2009 financial crisis.
This is taking a major toll on American enterprise. ACCF-sponsored research shows that capital investment has been sluggish, and business confidence diminished, for nearly eight years. We found that costly, excessive, and in some cases needless, regulation has played a key, and destructive, role in sapping the strength of the U.S. economy. A robust recovery can only come about unless Congress redresses the growing imbalance of power and authority between the legislative and executive branches.
It’s time to rein in the federal regulatory bureaucracy, so that U.S. businesses can grow, invest, innovate, create jobs, and compete globally. The ACCF looks forward to working with the Senate Regulations Caucus to achieve these important goals. In particular, we stand ready to act as a key resource in this critical effort.
Thank you again for your invaluable leadership in addressing one of the greatest challenges facing the future of the American economy.
American Council for Capital Formation