The U.S. House of Representatives refuses to let up on its quixotic mission to destroy public safeguards. Its latest incarnation is H.R. 4078, the “Regulatory Freeze for Jobs Act of 2012,” a misguided bill that seeks to halt regulatory protections until the unemployment rate is equal or less than six percent.
It was the topic of the hour at a hearing of the House Judiciary Committee’s Subcommittee on Courts, Commercial and Administrative Law, featuring two professors associated with the Hoover Institute, Allan Meltzler and John Taylor, who were there to bolster a weak argument that by “freezing” regulations, somehow all of our country’s jobs problems would magically disappear.
Fortunately, Public Citizen President Rob Weissman was there to speak on behalf of reality.
Weissman, who also serves as co-chair of the Coalition for Sensible Safeguards, reminded the subcommittee it was regulatory failures that helped create the current jobs crisis. He said a freeze on public protections not only would fail to create jobs, but would place the economy in serious jeopardy, particularly if newly created financial regulations were weakened or blocked.