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Under Hoover's direction Whitmarsh and his associates at the head of the special commodity divisions worked out the manifold details of a regulatory system which was gradually extended to a most varied assortment of foodstuffs, trades and manufactures. At the end of 1918 over 250,000 food-handling corporations, firms, and individuals were under Food Administration licenses.
All the investigations that have been made under my direction, and those which have been prosecuted independently, have reached the conclusion that the fleet should be under the direct control of a single executive head, while the Shipping Board should exercise its judicial and regulatory functions in Accordance with its original conception.
Regulatory reform legislation, a responsible clean air act, and passage of enterprise zone legislation will also create new incentives for jobs and opportunity. One of out of every five jobs in our country depends on trade.
The Regulatory Council was established to provide the first Government-wide listing of upcoming rules and eliminate overlapping and conflicting regulations. Agencies have launched "sunset" programs to weed out outmoded old regulations. We have acted to encourage public participation in regulatory decision-making.
Among the subjects that lie immediately before us are the consolidation of Federal regulatory administration over all forms of transportation, the renewal and clarification of the general purposes of the National Industrial Recovery Act, the strengthening of our facilities for the prevention, detection and treatment of crime and criminals, the restoration of sound conditions in the public utilities field through abolition of the evil features of holding companies, the gradual tapering off of the emergency credit activities of Government, and improvement in our taxation forms and methods.
Rather, it involves an expenditure of American spirit and just plain American grit. The Congress will soon receive my comprehensive proposals to enhance our competitiveness, including new science and technology centers and strong new funding for basic research. The bill will include legal and regulatory reforms and weapons to fight unfair trade practices.
In the first category a field which does not involve violations of the letter of our laws practices have been brought to light which have shocked those who believed that we were in the past generation raising the ethical standards of business. They call for stringent preventive or regulatory measures.
Another phase of Hoover's food regulatory activity, concerning which there was, and still continues to be, much discussion, is that of his attempt to insure a stimulated production of hogs by a stabilized price which should well reward the grower and yet not lead to such an exorbitant cost to the consumer as would have been a dangerous hardship to our own people and an unfair hold-up of our associates in the war.
Baumol maintains that oligopolies are the real engines of growth and higher living standards and urges antitrust authorities to leave them be. Lower regulatory costs, economies of scale and of scope, excess profits due to the ability to set prices in a less competitive market allow firms in an oligopoly to invest heavily in research and development.
As a complement to these initiatives, efforts to provide financial assistance in regulatory proceedings to citizen groups, small businesses, and others whose participation is limited by their economic circumstances must continue to be pursued. It is essential that consumer representatives in government pay particular attention to the needs and interests of low-income consumers and minorities.
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