From Real Clear Politics:
From Peter Schiff’s prepared remarks to Congress. Schiff is the CEO of Euro Pacific Capital.
In my own business, securities regulations have prohibited me from hiring brokers for more than three years. I was even fined fifteen thousand dollar expressly for hiring too many brokers in 2008. In the process I incurred more than $500,000 in legal bills to mitigate a more severe regulatory outcome as a result of hiring too many workers. I have also been prohibited from opening up additional offices. I had a major expansion plan that would have resulted in my creating hundreds of additional jobs. Regulations have forced me to put those jobs on hold...
Not that I’m too interested in bigger financial firms…but the main thing is to understand that more people would be working today if government didn’t have insane regulations. It is like this all up and down the economy…pushing up costs, driving down wages, ensuring that businesses either never get started, or don’t expand if they already exist.
It is time, I think, for a re-codification of US law. Figure out what we really want as law, pass that and in that same act repeal every other law and regulation on the books. A bit of wisdom and we can probably do the whole thing in a couple hundred pages…and dispose of tens of thousands of pages which serve only to empower un-elected bureaucrats and give lobbyists the ability to create or expand loopholes for those who have deep pockets and no honor. This isn’t, by the way, about changing the Constitution in any way…just repealing all the laws and regulations we currently have and replacing them with a smaller number of laws, easily understandable by all Americans.
Simplicity and predictability of law is required for their to be justice…and, indeed, respect for law. By doing things like fining someone for hiring “too many” employees, all we’re doing is engendering contempt for law. The next firm so situated will just try to bribe their way out of it (via donations and lobbyists to write special rules just for them), or they’ll open up the firm in a foreign country. The average people are also losing their respect for law…and how can it be otherwise when each of us likely violates several federal laws and regulations each day? Tear down the legal and regulatory structure and replace it…that is the only way we’re going to clear out this part of the mess.