Congressman Darrell Issa (R-Calif.) believes burdensome regulations imposed by clueless bureaucrats are preventing U.S. corporations from effectively competing against foreign companies.
“It wasn’t that long ago that the nation’s research, innovation, and high tech industries were unequaled; there was no more attractive country than the United States for technology start-up capital,” Issa explained during a recent speech in San Jose, California.
“More recently, however, the shine has started to come off the apple, and there seems little doubt that federal policies and regulations have played a large role in hampering growth.”
To illustrate his point, Issa quoted Intel CEO Paul Otellini, who once famously claimed it cost an extra $1 billion per factory to build in the United States compared to overseas – with a staggering 90% of the cost going to tax and regulatory compliance.
Issa also opined that advanced technology could help benefit government transparency.
“Information technologies already in use throughout the private sector can make it possible for Americans to track federal spending, regulation, and legislation in ways that currently do not exist at the federal level,” he added.
[Via The Hill]