10. Federal Censorship Commission.
The FCC began considering a petition to revoke the broadcast license of a
Washington, D.C., radio station for using the name of the city’s football team,
the Redskins. FCC chairman Tom Wheeler declared the moniker “offensive” and
urged owner Dan Snyder to change it “voluntarily.” The agency has yet to rule
on the petition.
9. April Fool’s Rule. The Volcker
Rule prohibits banks from trading securities on their own accounts. The
1,000-page regulation crafted by five federal agencies over three years
supposedly remedies one of the causes of the 2008 financial crisis. But there
is no evidence to support that claim. That the rule took effect on April Fool’s
Day is thus entirely appropriate.
8. The Environmental Protection
Agency’s power grab. In its quest to replace cheap and reliable fossil fuels
with costly and unreliable “renewables,” the EPA in June unveiled new
restrictions on so-called greenhouse gas emissions from existing power plants.
These hugely expensive regulations are all the more maddening for accomplishing
virtually nothing to affect the climate or protect human health.
7. Uber regulation. The popular
ride-sharing service Uber is changing the way Americans get around town. Its
fleet of independent drivers offers an efficient alternative to traditional
taxis. Yet Uber faces significant hurdles as local regulators try to stop its
expansion, claiming that the service is “unfair” to the excessively regulated
cab drivers. So far, though, Uber and its loyal customers have fought off those
opposing competition, but many hurdles remain.
6. Choking Justice. Woe to any
business disfavored by the Department of Justice. Under “Operation Chokepoint,”
federal regulators have been leaning hard on banks to end ties with enterprises
that the government doesn’t like, including payday lenders, firearms dealers
and credit repair services. These businesses are perfectly legal, but the DOJ’s
efforts to close them down are not.
5. Halting home financing. New
regulations on mortgage financing took effect in January, compliments of
Dodd-Frank. Virtually every aspect of financing a home – including mortgage
options, eligibility standards, and even the structure and schedule of payments
– is now governed by the Consumer Finance Protection Bureau. Alas, critics’
predictions about the restrictions are proving correct: Mortgage lending is
running at its lowest level in 13 years, and 2014 will be the worst year for mortgage
volume since 2000.
4. Force feeding calorie counts.
Knowing the number of calories in various food products does not change our
menu choices, several studies have shown. But in keeping with government’s
insatiable appetite for control, the Food and Drug Administration in November
finalized rules requiring calorie counts to be posted on restaurant menus,
supermarket deli cases, vending machines and even in movie theater concessions.
Compliance will require tens of millions of hours each year, which is sure to
thin consumers’ wallets.
3. Forgetting free speech. In one of
the worst public policy decisions in European history (and that’s saying a
lot), the European Union ruled in May that links to embarrassing information
that is “inadequate, irrelevant or no longer relevant” must be scrubbed from
the Internet. Thus, Google must take down that 1975 picture of you dancing in a
leisure suit as well as reports on child pornography arrests that regulators
deem “irrelevant.” This “right to be forgotten” is a massive violation of free
expression in Europe. And it could get worse: The EU is considering applying
this gag order worldwide.
2. Polluting the economy. Ozone
levels have dropped significantly during the past three decades, reflecting the
overall improvement in air quality. Nonetheless, the Environmental Protection
Agency has proposed more stringent ozone standards that would cost tens of
billions of dollars, making it perhaps the most costly regulation ever imposed.
(President Obama pulled a 2011 version for threatening the economy – just as
the election neared.)
1. Regulating the Internet. The FCC
proposed new rules to require Internet carriers to deliver all online content
in a “neutral” fashion. Defining such neutrality is, of course, easier said
than done, and doing so without harm to the Internet would be virtually
impossible. President Obama recently upped the ante by urging regulators to
impose 1930s-style public utility rules on the net. But the Internet is too
important, and innovative, to be treated like the local water company.
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