Improving Regulatory Performance: Lessons from the United Kingdom

Michael Greenstone,

November 2011

Testimony of Michael Greenstone before the Senate Budget Committee Task Force on Government Performance
November 16, 2011

I appreciate the opportunity to speak with you today about how we might improve the government’s system of regulatory review. Under all economic circumstances,
regulatory efficiency and clarity are crucial objectives for the credibility and predictability of the government’s role in the marketplace. However, given the current
economic climate, it is absolutely essential to design a regulatory structure that protects the well-being of our citizens without imposing unnecessary costs on American businesses and society as a whole.

We can achieve these objectives without compromising our values in key areas ranging from the protection of public health to the supervision of financial markets by ensuring that the Executive and Legislative branches have the tools of analysis and measurement they need. The purpose of my testimony is to describe in concrete terms how this can be accomplished.