Albert Einstein said the definition of insanity is doing the same thing over and over again and expecting different results. We have been “reforming” regulatory agencies over and over again, and over and over again they have failed. Yet, as a result of the recent catastrophic failures of regulatory agencies, politicians and pundits are talking about the same old “Regulatory Reform” again. “Fill the regulatory agencies with honest people who won’t cave in to special interests.” “Give them more money, more authority and more people.” But my experience has shown that by concentrating all legislative, executive and judiciary authority in one regulatory agency just makes it easier for it to be corrupted by the industries it regulates.
I worked for the US Environmental Protection agency for 30 years and lived through many cycles of “Regulatory Reform,” doing the same “reforms” over and over again and expecting different results. I’ve learned that the way to achieve true regulatory reform is to give regulatory agencies less money, less authority, fewer people but more intelligent regulations. The theme of this article is that by dispersing regulatory authority, rather than concentrating it, we would make corruption more difficult and facilitate more sensible regulation.
… Continue Reading