1. Establish use of innovative regulatory approaches as administration policy. (2) The President should direct agency heads to use innovative regulatory approaches whenever they are appropriate. This is consistent with the new regulatory review executive order. Wider use of such approaches to regulation can lower the costs of meeting regulatory goals by giving regulated entities more flexibility and increasing the economic efficiency of regulations. However, innovative approaches are not the best solutions in some circumstances. Agencies should analyze the strengths, weaknesses, and limits of particular approaches to match the best regulatory approach to the problem. Redirecting the regulatory system from the command- and-control end of the regulatory spectrum toward more flexible and market-oriented approaches will require strong leadership. The President should also direct the Regulatory Coordinating Group to work with Congress and policy makers to incorporate more innovative approaches in legislation and regulation. A standing task force on innovative approaches could assist this effort, and would provide a good forum for communication among government regulators.
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