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AFP-Utah Applauds Legislature’s Efforts to Expand the Regulatory Sandbox, Promote Entrepreneurship and Innovation

Feb 5, 2021 by AFP

SALT LAKE CITY – Americans for Prosperity-Utah (AFP-Utah) applauds lawmakers in the House for unanimously passing HB 217, Regulatory Sandbox Program Amendments, a bill that will allow for all businesses in specific industries to safely test out new ways to provide goods and services to consumers in our state through the expansion of the “regulatory sandbox.”

This bill, which also passed through committee unanimously, will expand the existing regulatory sandbox created in 2019 beyond the three current industries it serves by creating a new program led by Gov. Cox’s Office of Economic Development to create the country’s first all-inclusive regulatory sandbox where all industries can participate.

While businesses are able to innovate and identify the best ways to serve their customers, lawmakers are able to identify how to safely regulate these industries without stifling growth. Utah already has three industry-specific sandboxes: Financial Technology, Insurance, and Legal Services. HB 217 will expand the use of sandboxes to every industry.

Heather Andrews, State Director for AFP-Utah issued the following statement: 

“By expanding regulatory sandboxes, Utah will become the first state in the country to create an ideal space to encourage the development of open innovation thereby attracting more companies, talent, and investment. This is the type of economic development policy that we should be promoting as it will spur economic growth and speed up the recovery for businesses that suffered as a result of the pandemic. Thank you to Rep. Maloy and Sen. Millner for their leadership on this bipartisan effort.”