John Burnett is a financial services executive with over 20 years of experience in risk management, operations, governance and compliance at some of the world’s top financial services and business information companies, such as Citi, McGraw-Hill Financial, Merrill Lynch and Morgan Stanley. Follow him on Twitter: @IamJohnBurnett
"Writing in the Wall Street Journal recently, political scientist Charles Murray confronted readers with the reality of the modern regulatory state and raised a pointed question: How do myriad rules help us when they often cannot be measured or enforced?
Murray's liberal detractors should know that he is not on a crusade to jettison regulatory policies that have made our country safer, cleaner and fairer. But he does wonder if every word on each of the 175,000 pages of the 2013 Code of Federal Regulations is beyond scrutiny.
Require sturdy structural supports in tunnels in coal mines? Sure. But do we really need federal guidance on what kind of latch to put on a flour bin at a bakery?
Just as important as the proliferation of regulations is that, once on the books, regulations are more or less set in stone. Murray noted that while federal courts are empowered to overturn regulations that are "arbitrary," "capricious" or an "abuse of discretion," they rarely do so."
Read more: http://www.usnews.com/opinion/economic-intelligence/2015/06/10/epa-ozone-rules-will-just-put-bureaucrats-in-charge-of-air-quality