Contact: Mike Donohue (202) 249-6504
WASHINGTON, D.C. (February 15, 2011) -
, CEO and President of the American Chemistry Council, issued the following statement in response to a hearing ("Environmental Regulations, the Economy, and Jobs") held this afternoon by the U.S. House Energy & Commerce Subcommittee on Environment & the Economy on the reliability and soundness of economic analysis used by regulatory agencies to determine potential consequences on jobs and economic growth:
"The American Chemistry Council applauds Chairman Shimkus and the House Leadership for holding this hearing and their continued commitment to a saner regulatory policy, sound economic analysis, and economic recovery. This is another step in their commitment to reviewing the federal rules imposed on businesses, a goal President Obama has declared as well, and, just as importantly, looks beyond individual rules to shine a light on the way federal regulations are developed.
"This process must be reformed. ACC has strongly argued for a careful examination of the fundamental issues involved in creating regulations, and this hearing has started to do just that. Poorly developed federal regulations can have a huge impact on innovation, growth and job creation. As a highly regulated industry, we must ensure there is sound economic impact analysis and consistent standards for scientific quality, reliability and relevance in rulemaking. Bad economic analysis deprives policymakers of the information they need to make balanced decisions and leads to harmful and unnecessary regulation."
"These efforts are vital to our ability and that of other industries to compete in an expanding global market. The chemistry industry creates the high-skilled, high-paying domestic manufacturing jobs the nation needs, and if we are to continue doing so, our leaders must address the deficiencies in regulatory formulation."