If your company is regulated by the Better Business Bureau, your business should be exempt from similar government regulations. The BBB is just one example of a private regulatory agency. Every year, about 10% of regulations will become eligible to adjust. Multiple CRA’s will experiment with different changes.
Competitive Regulatory Agencies would have a structure that would result in much higher standards and greater business growth. This structure allows for the greatest flexibly and liberty for businesses. Stupid, ineffective and hostile regulations would quickly be eliminated. The rating system would give consumers greater understanding of standards and allow the customers to give discipline to the market by deciding where to shop.
Business taxes would be reduced for any company no longer receiving the benefit of government regulations. When there are negative externalities associated with a business, a minimum rating would apply on regulations and the business would be required to have a minimum rating on mitigation of the negative externality. Please read more at Haley2024
Many will erroneously conclude that standards would fall dramatically. History and multiple examples prove that consumers like high standards and are willing to pay a premium for higher standards. Standards rise as people can afford to pay for those higher standards. Would you eat at a restaurant with low food safety standards? Would you bank with an unsound bank? Would you shop at a bigot’s establishment?
Would you work at an unsafe workplace? People or businesses with low standards will not find others to shop or exchange with. The market place becomes the greatest enforcer of better standards. The Rating system becomes very powerful; thus the proposal is competitive rating agencies where everyone chooses what rating agency to trust. There is also a structure to the Rating system.