The federal regulatory system in the United States needs reform. Today, federal regulations take too much time, money, and resources to deliver results. In this sense, regulations provide customers information and help people make informed decisions so that they can protect themselves from dubious products. Much regulation in the American economy is private, produced and enforced by independent parties or trade associations. These private organizations can oversee market participants' actions by different processes, such as standard setting, certification, monitoring, brand approval, warranties, product evaluations, and arbitration.
Private regulation works, and it deserves closer attention.
It will drastically reduce the compliance costs of regulations by decreasing the time and other resources spent by businesses and private individuals.