The cost of regulation between 1980 and today is estimated to be more than $5 trillion representing a 25% shortfall in would-be economic growth. This number is exceedingly difficult for most people to visualize, so this simple mental exercise can be beneficial in communicating just how much has been lost:
Five million seconds is about 58 days;
Five trillion seconds is 158,440 years.
As anyone can see, this loss of real value to our economy is not insignificant. In response, the Virginia Institute for Public Policy’s regulatory reform initiative proposes the implementation of a Regulatory Budget Program coupled with establishing a Universal Regulatory Sandbox. These measures aim to promote economic growth, innovation, and regulatory efficiency by limiting or eliminating the continued inflation of regulatory requirements while providing an environment where compliance burdens are temporarily removed to enhance and promote experimentation and development of new products, services, and business methodologies in the Commonwealth.
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