If Congress and the White House are serious about reforming regulations, they must cooperate to enforce economic analysis requirements that already exist. Successful enforcement requires high-level political support, statutory language requiring all agencies to adhere to established principles of economic analysis, and rigorous review of agency analyses by an independent entity. Regulation and regulatory reform are becoming internationalized. Some common features exist in the nature of regulatory reforms taking place in different countries around the world. Regulation in some areas, such as environment, labor, and finance, is increasingly likely to be subject to oversight by international bodies.
Regulation is likely to change dramatically in the years ahead.
In the future, we are likely to see more economic deregulation and more social regulation, but the nature of social regulation is likely to undergo some dramatic changes. The increase in economic regulation is likely to be good for the average citizen, while the changes in social regulation will have advantages and disadvantages. In general, the efficacy of regulation will increase as we learn to develop institutions that are better suited to economic and social needs. The news is not all good from an economic standpoint, but the general direction of change is quite positive.