8-1 Discussion and responses

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8-1 Discussion Hi Professor and classmates, It is tough to answer whether businesses have too much regulation, as I believe some companies and industries are highly regulated, and other sectors are minimally regulated. However, I think when we look at the regulations in place across all industries, we should take a more risk-based approach to determine whether specific regulations make sense. By looking through a risk lens, policymakers can identify what risks each regulation is mitigating, assess whether those currently in place are controlling that risk, and reassess if they are not or if a different regulation may be better suited for a specific situation. I think that a majority of the regulations put in place are for the benefit and protection of the consumer by holding companies accountable for exploitive practices and ensuring they are adhering to a sustainability framework, which has become increasingly important over the years. In previous courses, we discussed the 3Ps of the company's bottom line, people, planet, and profits. I believe regulations are implemented to help keep businesses and executives accountable for doing the right thing in those three areas. Examples of regulatory agencies supporting the sustainability framework and triple bottom line are the Environmental Protection Agency, Food and Drug Administration, and Federal Trade Commission (Davis, 2022). When evaluating which industries would be best for additional regulation, social media, big tech, and the internet all come to mind. I say this because I see so many concerns with privacy, security, and more now- free speech and censorship of individuals. These big tech companies can create algorithms to adjust what people read, view, and see daily, and individuals have no control over the information they receive. Privacy and security regulations are also a massive undertaking; these companies have so much data collected on individuals, which they use for marketing products, selling information to other companies, and making a profit on that data. I believe there is a need for regulations to minimize the risk to the consumer as it relates to their data, security of their data, and a way to obtain the information they want and when they want, rather than being fed what algorithms provide. Big Pharma, Oil and Health Care are also areas with regulations that need to be reviewed and reassessed. For the most part, very few large companies own the many companies in these industries, making them oligopolies and having minimal oversight into how they run and what they charge for products. I think regulations requiring more transparency around these industries are needed, and more importantly, limiting the lobbyist for these industries to have as much influence on policy due to the staggering amount of money they have to throw around. Although probably against the widespread consensus, evaluating industries such as the mining industry could reveal this sector requires less regulation. Due to the EPA's heavy regulations, which are sometimes necessary, efforts are duplicated during certain permitting processes, increasing costs and extending timelines for permit approval (Kamber, 2019). This is where my earlier suggestion of a risk-based approach comes in. If we are smarter about what regulations we put in place, I feel it would minimize the regulations in the books, create efficiencies and expand innovation in this industry.

Regards, ******** References Davis, M. (2022, July 8). Government regulations: Do they help businesses? Investopedia. Retrieved October 23, 2022, from https://www.investopedia.com/articles/economics/11/government-regulations.asp Kamber, K. (2019, May 3). The outcome of an overregulated mining industry . Minerals Make Life. Retrieved October 23, 2022, from https://mineralsmakelife.org/blog/the-outcome-of- an-overregulated-mining-industry/ Hi, Your post provided a different perspective on the topic, which I appreciate. I understand your thoughts on the over-regulated areas and the harm caused. A few of my thoughts on government regulations may provide added perspective on the issue. The number one job of the government is to provide safety and security to its citizens, which is why they regulate businesses. Regardless of what some politicians and corporate officials say, companies will cut corners to earn higher profits, irrespective of the harm to the environment or people. Imagine going to the grocery, buying meat, and worrying if it is safe to eat. Hence, government regulations keep the manufacturer in check. Without government regulations, many companies would cause harm to society and the environment. For example, if a chemical plant did not properly dispose of dangerous waste and dumped it into the local rivers instead. This waste would eventually work its way into your shower or drinking water. I cannot even imagine the outcome if pharmaceutical companies did not properly test drugs before sending them to market. BBC journalist Nick Chater (2020) states, "Despite our protests to the contrary, rules seem hardwired into our DNA." We take for granted how essential regulations are. And while corporations don't like them and the regulations cost money, I would rather have over-regulated industries than under-regulated industries. Regards, ******** Reference

Chater, N. (2020, February 21). Could we live in a world without rules? BBC Future. Retrieved October 23, 2022, from https://www.bbc.com/future/article/20200220-could-we-live-in- a-world-without-rules Hi, Great discussion post! I did not consider the Fair Labor Standards Act or the Clean Air Act, as I was focused more on the bigger picture. However, the details you provided in your post left me considering what other areas I had not weighed regarding government regulations. Therefore, I am sharing a few intriguing topics I stumbled upon during my additional research. Government regulations provide certainty in the provision of services, consumer confidence, and in response to commercial needs. Government regulations have been developed over many decades covering data protection, financial services, environmental standards, employment rights, and competition between businesses. These regulations reflect changing technology, business innovation, consumer concerns, intergovernmental talks, and political developments. Regulation is good for business, good for consumers, and good for trade. Another benefit of government regulations is that it limits activities whose harm may not be evident to many consumers. An example of this was the Fiduciary Duty rule issued by the Obama administration in 2016. The rule required financial advisers to meet a "fiduciary standard" and act in the best interest of their clients, even if the adviser would benefit from behaving otherwise. Furthermore, some firms use commission-based fees, which incentivize financial advisers to steer clients into products that may have higher expenses and lower returns. At the time, government assessments concluded that this conflicted advice was costing families $17 billion annually. (Black & Zabel, 2022) Regulations benefit society on many different levels. Regards, ********** Reference Black, S., & Zabel, J. (2022, July 22). Rules, regulations, and Social Benefits . Econofact. Retrieved October 23, 2022, from https://econofact.org/rules-regulations-and-social- benefits

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