Michael Greenstone writes in the Washington Post that President Obama’s May 10 executive order mandating periodic examination of existing regulations is the most fundamental shift in regulatory policy in more than three decades. The new policy will ensure that regulations are delivering their promised benefits.

This column continues Greenstone’s work on cost-benefit analysis of regulatory actions. In November 2011, his testimony to the Senate Budget Committee Task Force on Government Performance, “Improving Regulatory Performance: Lessons from the United Kingdom” outlined reforms designed to produce regulations with benefits that exceed costs.

Michael Greenstone served as the Chief Economist on the Council of Economic Advisors, an agency within the Executive Office of the President, from 2009–2010. The Council offers the President objective economic advice on both domestic and international economic policy.

(May 2012)