The following chart gives a timeline of regulatory accumulation associated with the FDCA and its major amendments, from 1980 (the first year RegData can associate restrictions with laws, because RegData relies on digitized text) through 2014. One notable feature of the graph is the decline in restrictions starting in 1996 through 1999. That period, which included the passage of the FDA Modernization Act of 1997, saw a 12 percent decrease in restrictions.
Defenders of the US Export-Import Bank (Ex-Im Bank) cite its working capital programs as evidence that the agency plays a critical role in supporting small businesses. As one of four main components of Ex-Im’s export subsidies, the working capital programs represent a relatively small component of the agency’s overall portfolio. The agency as a whole mainly benefits large, politically connected firms, as I have previously demonstrated.
This week’s charts use data from three sources: a July 8 Government Accountability Office (GAO) report entitled “Information Security: Cyber Threats and Data Breaches Illustrate Need for Stronger Controls across Federal Agencies,” the Office of Management and Budget’s Federal Information Security Management Act (FISMA) Report to Congress for FY 2014, and the White House’s “Cybersecurity Sprint Results” report from July 2015. The charts display reported federal material information security weakness and degree of compliance with prevailing federal cybersecurity standards in fiscal year (FY) 2014.
The research and development (R&D) tax credit—which is one of the largest corporate “tax expenditures,” with an annual cost of more than $9 billion—is one of about 50 “tax extenders” that Congress reauthorizes on a temporary basis. While the tax credit is intended to encourage economic growth by functioning as an incentive for investment in new and innovative technologies, it may not be the best policy to achieve growth.
Presidents and their administrations wield extraordinary authority over federal regulation. While executive agencies can only write rules within the bounds set by Congress, their mandates are often expansive. Presidents set priorities, appoint and direct agency leadership, and determine how and when to review proposed or existing rules for cost-efficiency and consistency. These decisions materially affect the pace of regulatory accumulation during a president’s time in office, which in turn affects the cost and complexity of doing business in the United States.
The following chart shows projected revenues and spending under the president’s proposal according to the new figures provided by the MSR. The first graph displays the data in dollar amounts while the second shows revenues and spending as a share of the economy (GDP).
Among its four principal financial products, the Export-Import Bank has provided “working capital” loans and loan guarantees that assure repayment to private lenders in the event a borrower defaults. According to bank officials, this form of subsidized financing “primarily” benefits small business. In a July 16 letter to Sen. Marco Rubio and others, Ex-Im president Fred Hochberg characterized the bank’s working capital financing as “issued to mostly small businesses.”…
Increasingly, states are deeply divided on central questions of national politics and policy. The divide is often viewed as a lamentable and perhaps dangerous form of political “polarization.” But those fears are exaggerated. In fact, the divide between and among the states offers an opportunity to reform federalism on a constitutional basis.
RegData, an online interactive tool, allows us to quantify the regulatory surge of Dodd-Frank in context. By analyzing the text of regulations and counting the words and phrases that signify a mandatory or prohibited activity—such as shall, must, may not, prohibited, and required—RegData gives a more meaningful measure of regulation than simply counting the number of new rules created or the number of pages added to the Federal Register.
To the put the Ex-Im Bank’s support of American businesses in perspective, we reproduced the White House table and replaced the nominal numbers with the share that each category represents. These shares show the impact of Ex-Im Bank financing on each state as a percentage of that state’s total exports but also small businesses and exporters over the same period.
Are all of the rules and regulations governing economic activity a product of central planning or legislation? Edward Stringham argues that much of what is orderly in the economy can actually be attributed to governing mechanisms devised and enforced by private groups and individuals.
Luigi Zingales, one of the world’s foremost thinkers on financial development and capitalism, will join Tyler Cowen for a wide-ranging, intellectual dialogue as part of the "Conversations with Tyler" series.
This book presents 17 oral histories of Hurricane Katrina survivors from four diverse New Orleans communities. The oral histories explore how these individuals, families, and communities began to rebuild after the devastation.