The following statement is attributed to Gary Shapiro, president and CEO, Consumer Technology Association (CTA), regarding the White House's efforts to "Cut the Red Tape" by directing federal agencies to reduce burdensome and duplicitous regulations that block economic growth and innovation. Shapiro’s remarks are from a Senate Committee on Commerce, Science and Transportation’s hearing on reducing unnecessary regulatory burdens. 

"The simple fact is that over-regulation stifles growth and harms innovation.”

"Regulation is a blunt and static instrument. Unnecessary mandates not only waste taxpayer money, they impose burdens that slow innovation, stifle creativity, reduce consumer choice and ultimately threaten jobs and our economy. And I give President Trump credit for highlighting that business leaders have an ethical obligation to our country that transcends the morass of highly detailed rules every U.S. business must follow, but by removing unjustified rules and encouraging reasonable bipartisan consumer protections and competition will free up companies to spend less on lawyers and more on hiring Americans. 

CTA is eager to work with the president and federal agencies to identify and advance pro-innovation policies that reduce regulatory barriers to entry and keep us competitive in the global technology market." 

Since 2009, federal regulators have issued 20,642 regulations, increasing regulatory compliance costs by more than $100 billion annually. Independent estimates suggest total regulatory costs exceed $2 trillion annually, with small businesses shouldering a disproportionate share of the burden – 36 percent more than the regulatory cost facing large firms.