10 Outrageous Examples of Government Regulators Invading Our Lives
As 2014 comes to a close, it is enveloped in red tape. From the breakfast table to the night light, government regulators invaded nearly every moment of our lives. Here’s our take on the 10 worst examples of the past year:
10. Federal Censorship Commission. The FCC began considering a petition to revoke the broadcast license of a Washington, D.C., radio station for using the name of the city’s football team, the Redskins. FCC chairman Tom Wheeler declared the moniker “offensive” and urged owner Dan Snyder to change it “voluntarily.” The agency has yet to rule on the petition.
>>> Red Tape Rising: Five Years of Regulatory Expansion
9. April Fool’s Rule. The Volcker Rule prohibits banks from trading securities on their own accounts. The 1,000-page regulation crafted by five federal agencies over three years supposedly remedies one of the causes of the 2008 financial crisis. But there is no evidence to support that claim. That the rule took effect on April Fool’s Day is thus entirely appropriate.
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8. The Environmental Protection Agency’s power grab. In its quest to replace cheap and reliable fossil fuels with costly and unreliable “renewables,” the EPA in June unveiled new restrictions on so-called greenhouse gas emissions from existing power plants. These hugely expensive regulations are all the more maddening for accomplishing virtually nothing to affect the climate or protect human health.
7. Uber regulation. The popular ride-sharing service Uber is changing the way Americans get around town. Its fleet of independent drivers offers an efficient alternative to traditional taxis. Yet Uber faces significant hurdles as local regulators try to stop its expansion, claiming that the service is “unfair” to the excessively regulated cab drivers. So far, though, Uber and its loyal customers have fought off those opposing competition, but many hurdles remain.
6. Choking Justice. Woe to any business disfavored by the Department of Justice. Under “Operation Chokepoint,” federal regulators have been leaning hard on banks to end ties with enterprises that the government doesn’t like, including payday lenders, firearms dealers and credit repair services. These businesses are perfectly legal, but the DOJ’s efforts to close them down are not.
5. Halting home financing. New regulations on mortgage financing took effect in January, compliments of Dodd-Frank. Virtually every aspect of financing a home – including mortgage options, eligibility standards, and even the structure and schedule of payments – is now governed by the Consumer Finance Protection Bureau. Alas, critics’ predictions about the restrictions are proving correct: Mortgage lending is running at its lowest level in 13 years, and 2014 will be the worst year for mortgage volume since 2000.
4. Force feeding calorie counts. Knowing the number of calories in various food products does not change our menu choices, several studies have shown. But in keeping with government’s insatiable appetite for control, the Food and Drug Administration in November finalized rules requiring calorie counts to be posted on restaurant menus, supermarket deli cases, vending machines and even in movie theater concessions. Compliance will require tens of millions of hours each year, which is sure to thin consumers’ wallets.
Edited to comply with copyright rules - see link for remainder.
10 Outrageous Examples of Government Regulators Invading Our Lives
As 2014 comes to a close, it is enveloped in red tape. From the breakfast table to the night light, government regulators invaded nearly every moment of our lives. Here’s our take on the 10 worst examples of the past year:
10. Federal Censorship Commission. The FCC began considering a petition to revoke the broadcast license of a Washington, D.C., radio station for using the name of the city’s football team, the Redskins. FCC chairman Tom Wheeler declared the moniker “offensive” and urged owner Dan Snyder to change it “voluntarily.” The agency has yet to rule on the petition.
>>> Red Tape Rising: Five Years of Regulatory Expansion
9. April Fool’s Rule. The Volcker Rule prohibits banks from trading securities on their own accounts. The 1,000-page regulation crafted by five federal agencies over three years supposedly remedies one of the causes of the 2008 financial crisis. But there is no evidence to support that claim. That the rule took effect on April Fool’s Day is thus entirely appropriate.
Subscribe to updates and alerts
8. The Environmental Protection Agency’s power grab. In its quest to replace cheap and reliable fossil fuels with costly and unreliable “renewables,” the EPA in June unveiled new restrictions on so-called greenhouse gas emissions from existing power plants. These hugely expensive regulations are all the more maddening for accomplishing virtually nothing to affect the climate or protect human health.
7. Uber regulation. The popular ride-sharing service Uber is changing the way Americans get around town. Its fleet of independent drivers offers an efficient alternative to traditional taxis. Yet Uber faces significant hurdles as local regulators try to stop its expansion, claiming that the service is “unfair” to the excessively regulated cab drivers. So far, though, Uber and its loyal customers have fought off those opposing competition, but many hurdles remain.
6. Choking Justice. Woe to any business disfavored by the Department of Justice. Under “Operation Chokepoint,” federal regulators have been leaning hard on banks to end ties with enterprises that the government doesn’t like, including payday lenders, firearms dealers and credit repair services. These businesses are perfectly legal, but the DOJ’s efforts to close them down are not.
5. Halting home financing. New regulations on mortgage financing took effect in January, compliments of Dodd-Frank. Virtually every aspect of financing a home – including mortgage options, eligibility standards, and even the structure and schedule of payments – is now governed by the Consumer Finance Protection Bureau. Alas, critics’ predictions about the restrictions are proving correct: Mortgage lending is running at its lowest level in 13 years, and 2014 will be the worst year for mortgage volume since 2000.
4. Force feeding calorie counts. Knowing the number of calories in various food products does not change our menu choices, several studies have shown. But in keeping with government’s insatiable appetite for control, the Food and Drug Administration in November finalized rules requiring calorie counts to be posted on restaurant menus, supermarket deli cases, vending machines and even in movie theater concessions. Compliance will require tens of millions of hours each year, which is sure to thin consumers’ wallets.
Edited to comply with copyright rules - see link for remainder.
10 Outrageous Examples of Government Regulators Invading Our Lives
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