On July 6th, the Governor of Kentucky, Matt Bevin, announced a new initiative called the “Red Tape Reduction.” The Red Tape Reduction program is intended to spur Kentucky business and job growth by removing outdated or unnecessary government regulations. The governor has already asked cabinet secretaries and other state employees to begin reviewing current state regulations in order to offer suggestions for improvement. Additionally, he is seeking red tape reduction ideas from Kentucky businesses and individuals.
Some facts regarding Kentucky’s current situation:
- There are currently more than 4,500 state regulations in effect
- About 85% of those regulations have never been reviewed for effectiveness or necessity
- Many regulations have not been reviewed in over 40 years
Kentucky’s plan is modeled after several other successful Red Tape Reduction initiatives. Here are highlights from some of the other programs:
- Ohio – “Lean Ohio” program implemented by Governor John Kasich in 2011 has resulted in projected savings of $156 million due to streamlining of agency processes
- British Columbia – reduced regulation by 41% since enacting a law in 2001 requiring at least one regulation be removed for every new one introduced
- Australia – saved $4.8 billion over the past 2 years by eliminating unnecessary and ineffective regulations
For more information click here to visit the Red Tape Reduction website, where you can report an unnecessary regulation, give suggestions for improvement, and read more about the initiative. If you have questions about how your business can save money on regulations, have a member of the Barnes Dennig team contact you here, or call 859-344-6400.