Recommendation
The White House or Congress should create an OMB Office of Innovation Policy Review.
Details
Federal agencies too often propose regulations with little consideration of how they will affect innovation. And while the Office of Management and Budget (OMB) Office of Information and Regulatory Affairs (OIRA) is tasked with reviewing major regulations from a cost-benefit perspective, it does not explicitly review regulations for impacts on longer-term dynamic effects (e.g., innovation). To remedy this, the administration or Congress should create within OMB an Office of Innovation Review whose mission should be to serve as an “innovation champion” in the regulatory process. The office should have authority to push agencies to either affirmatively promote innovation or achieve a particular regulatory objective in a manner least damaging to innovation.
Keep reading:
▪ Stuart Benjamin and Arti Rai, “Structuring U.S. Innovation Policy: Creating a White House Office of Innovation Policy” (ITIF, June 2009), https://itif.org/publications/2009/06/24/structuring-us-innovation-policy-creating-white-house-office-innovation.