From The Economist, Feb 18th 2012, this really says it all. IMHO it's worth the time it takes to read it.
America needs a smarter approach to regulation. First, all important rules should be subjected to cost-benefit analysis by an independent watchdog. The results should be made public before the rule is enacted. All big regulations should also come with sunset clauses, so that they expire after, say, ten years unless Congress explicitly re-authorises them.
More important, rules need to be much simpler. When regulators try to write an all-purpose instruction manual, the truly important dos and donts are lost in an ocean of verbiage. Far better to lay down broad goals and prescribe only what is strictly necessary to achieve them. Legislators should pass simple rules, and leave regulators to enforce them.
United States' economy: Over-regulated America | The Economist
I agree with your ideas. You wouldn't eliminate Sarbanes Oxley or Dodd/Frank, you would just make them very simple. I like that.
What I worry is the GOP talks about "bad" regulations or "too many" but what their real goal is to eliminate good regulations that are there for a reason. For example, they got rid of regulations we had on the Banks, Wallstreet and the Mortgage companies and that led to the crash.
Pure BS
What is BS?
The fact that:
The GOP deregulated the Banks, Wallstreet and Mortgage industries or that those regulations led to the crash?
What about the deregulations that sent 7 million manufacturing jobs overseas?
Some regulations are good.