CEOs Say Regulatory Reform Key to Climate, Infrastructure Plan Success

May 19, 2021 by TWN Staff
CEOs Say Regulatory Reform Key to Climate, Infrastructure Plan Success
The approach to the Verrazzano-Narrows Bridge in New York. (Photo by Dan McCue)

If the White House and Democrats in Congress truly want to achieve President Joe Biden’s economic goals, they should not overlook the need to modernize and improve the nation’s cumbersome regulatory system, according to a new report from The Business Roundtable, a trade association of company CEOs.

“We share President Biden’s goals of creating more American jobs, transitioning to a lower carbon energy future and ensuring the United States remains at the forefront of global innovation. As the nation rebounds from the COVID-19 pandemic, these goals are even more important to help rebuild the U.S. economy and increase opportunity for Americans,” said Douglas Peterson, President and CEO of S&P Global Inc. and chair of the Business Roundtable Smart Regulation Committee.

“In order to achieve these goals, it is critical that the Biden Administration prioritize modernizing the U.S. permitting and regulatory system in a way that delivers for all stakeholders while minimizing harmful effects on innovation, economic growth and the American people,” Peterson added.

In its report, “Smart Regulation for the Innovation Economy,” the Business Roundtable notes meeting the president’s climate and jobs goals will require a massive amount of new public and private sector investment.

“America will need to electrify its transportation sector, substantially expand its use of renewable sources of energy, and connect these new resources to population centers. And as the pandemic has shown, broadband access must be extended to provide underserved communities with equitable educational and economic opportunities,” the authors wrote.

“Achieving these goals requires a predictable and expeditious permitting system in which reviews
take two years, not five,” they said. “Recent bipartisan reforms to the permitting process — including the Federal
Permitting Improvement Steering Council, established under the Obama-Biden Administration —
can help realize these objectives faster. [Business Roundtable] urges the Biden Administration to preserve and extend these reforms.”

“Building a more equitable economic future for Americans also depends, in part, on a governing
approach that is flexible enough to adapt to changing economic circumstances — changes that have
been accelerated by the pandemic. The Biden Administration’s success will depend on enacting
policies that are designed to promote job creation and equitable growth without delay. Indeed,
the regulatory landscape is just as important in shaping the future economy as are tax, fiscal, and
monetary policy,” the report continued.

The Business Roundtable CEOs stress they do not oppose regulation. What they are advocating for, they say, iis “a smarter approach to regulation” that delivers for their stakeholders while minimizing harmful effects on innovation, economic growth, and job creation.

“More rapid innovation across the economy — particularly in medicine, artificial intelligence, low
carbon energy, autonomous vehicles, cybersecurity, data privacy, and robotics — is the key to 21st century American prosperity. However, achieving the breakthroughs that are needed will require
regulators to quickly recognize emerging issues, seek input from experts, act in a coordinated and
judicious manner, and maintain flexibility and the willingness to change tack as markets mature,” the report said.

This recommendations that make up the balance of the report focus on three areas — adapting infrastructure permitting to 21st century timetables; improving the regulatory process to foster innovation and economic opportunity; and strengthening international regulatory cooperation.

Specific recommendations for policymakers include: 

• Address the FAST-41 sunset, currently set at the end of 2022. The sunset is already deterring project sponsors from opting into the process. FAST-41, also called the Fixing America’s Surface Transportation Act, established new coordination and oversight procedures for infrastructure projects being reviewed by federal agencies; 

• Reinstate parts of E.O. 13807 (which, among other provisions, expanded FAST-41 reforms to more projects) including the two-year goal, multi-agency coordination requirements, dispute resolution processes, and “One Federal Decision” framework;

• Uphold provisions of the CEQ NEPA rule from July 2020 that add presumptive timelines, coordination of reviews, and dispute resolution mechanisms;

• Commit to earlier public notification and opportunity for input on rulemakings.

• Include planning for retrospective review in major rulemakings.

• Hold independent regulatory commissions to the same standards as other agencies. 

• Improve agency coordination to avoid duplication and overlap.

• Expand on President Obama’s E.O. 13609 by issuing a new order that would promote a whole-of-government approach to identifying differences between U.S. and international regulatory approaches and direct agencies to consider international regulatory implications during the rulemaking process.

The full report is available here.

A+
a-
  • Business Roundtable
  • climate
  • infrastructure
  • Joe Biden
  • regulations
  • In The News

    Health

    Voting

    Regulation

    Biden Announcing New Rule to Protect Consumers Who Purchase Short-Term Health Insurance Plans

    President Joe Biden on Thursday announced new steps to protect consumers who buy short-term health insurance plans that critics say amount to junk. A... Read More

    President Joe Biden on Thursday announced new steps to protect consumers who buy short-term health insurance plans that critics say amount to junk. A new rule finalized by the Democratic president's administration will limit these plans to just three months. And the plans can only be renewed for a maximum... Read More

    March 26, 2024
    by Dan McCue
    Consumers Warned to Avoid Certain Topical Pain Relief Products 

    WASHINGTON — The Food and Drug Administration warned consumers on Tuesday not to use certain over-the-counter pain relief products marketed... Read More

    WASHINGTON — The Food and Drug Administration warned consumers on Tuesday not to use certain over-the-counter pain relief products marketed for topical use before, during or after certain cosmetic procedures. The warning came after the agency issued warning letters to six companies for marketing these products... Read More

    March 21, 2024
    by Dan McCue
    DOJ, 16 States Sue Apple Over Alleged Smartphone Monopoly

    WASHINGTON — The Justice Department and 16 state attorneys general sued Apple on Thursday accusing the Cupertino, California-based tech giant... Read More

    WASHINGTON — The Justice Department and 16 state attorneys general sued Apple on Thursday accusing the Cupertino, California-based tech giant of operating an illegal monopoly in the smartphone market. According to the lawsuit, which was filed in federal court in New Jersey, Apple has used the... Read More

    Trump Suggests He'd Support a National Ban on Abortions Around 15 Weeks of Pregnancy

    NEW YORK (AP) — Donald Trump suggested Tuesday that he’d support a national ban on abortions around 15 weeks of pregnancy, voicing... Read More

    NEW YORK (AP) — Donald Trump suggested Tuesday that he’d support a national ban on abortions around 15 weeks of pregnancy, voicing for the first time support for a specific limit on the procedure. The Republican former president has taken credit for striking down a federally guaranteed right... Read More

    March 15, 2024
    by Dan McCue
    EPA Sets Tougher Limits on Gas Used to Sterilize Medical Devices

    WASHINGTON — The Environmental Protection Agency on Thursday finalized tougher restrictions on ethylene oxide, a cancer-causing gas commonly used to... Read More

    WASHINGTON — The Environmental Protection Agency on Thursday finalized tougher restrictions on ethylene oxide, a cancer-causing gas commonly used to sterilize medical devices. The new standards specifically target commercial sterilization facilities. The agency called them “the strongest measures in U.S. history to reduce emissions of EtO,”... Read More

    March 15, 2024
    by Dan McCue
    EPA Proposes New Limits on Gas Distribution Facilities

    WASHINGTON — The Environmental Protection Agency on Thursday finalized a rule strengthening toxic air pollution standards at gasoline distribution facilities,... Read More

    WASHINGTON — The Environmental Protection Agency on Thursday finalized a rule strengthening toxic air pollution standards at gasoline distribution facilities, including storage tanks, loading operations and equipment leaks.  The action — from which gas stations are exempt — is expected to reduce emissions of air toxics,... Read More

    News From The Well
    scroll top