By Sarah Davasher-Wisdom
Greater Louisville Inc.
There are currently more than 4,500 administrative regulations in Kentucky. Of those 4,500 regulations, about 15% have not been reviewed since 1974.
What happens to regulations that become obsolete, or when different regulations conflict, or when a regulation simply is not needed anymore? Currently, the answer is nothing.
Those outdated regulations cost businesses money and time. That cost is then passed on to every consumer which means that we are all paying for unnecessary regulations. However, that is about to change.
GLI is supporting Governor Matt Bevin's Red Tape Reduction Initiative. The initiative's goal is to eliminate unnecessary regulations.
Many regulations are necessary to maintain a safe and level playing field for businesses and consumers alike. However, eliminating regs that are not relevant will allow businesses to spend more time understanding and complying with the ones that are essential and justifiable.
The ultimate goal of the Red Tape Reduction Initiative is to make Kentucky more competitive. Streamlining and simplifying regulation will help spur job creation and investment. It will change the attitude of government from regulation makers to regulation managers. And importantly, cutting unnecessary red tape gets government off the backs of hardworking Kentuckians, be they business owners, entrepreneurs, or consumers.
If you are aware of outdated or obsolete regulations that are making it more difficult for your organization to do business, please let the Governor know.
Together we will #CutTheTape.
I'm Sarah Davasher-Wisdom, and that's my Point of View.