In this episode of Borderless, Libertas Institute's Michael Melendez joins Vale Sloane to discuss his organization's 2021 Templeton Freedom Award finalist project to encourage the implementation of the U.S.'s broadest regulatory sandbox. This system allows entrepreneurs, small businesses, and even large corporations to apply for a temporary exemption from many overly burdensome regulations, which encourages lawmakers to revisit and potentially repeal bad or outdated rules.
Regulation often struggles to keep up with innovation, and lawmakers often do not have the time or expertise to keep rules up-to-date. Utah's new regulatory sandbox allows the market to test regulatory reform without having to go through a lengthy legislative process. Businesses now have the opportunity for innovators to receive limited-time exemptions from regulations not related to health and safety. This process ensures the protection of customers and the environment without limiting access to new human prosperity. Atlas Network partner Libertas Institute had an instrumental hand in making the case for this revolutionary system.
You can read more about their project and the prestigious Templeton Freedom Award here.
Also don't miss our discussion on Centre for Civil Society's exciting work to improve the lawmaking process in India, ensure regulation meets quality standards, and much more!