Columbus, OH – Yesterday, Americans for Prosperity-Ohio (AFP-OH) Legislative Director Hannah Kubbins testified before the House Economic and Workforce Development Committee to discuss House Bill 476 and its thoughtful plan to create a universal regulatory sandbox program that would apply to any new product or service across all industries.
Kubbins’ testimony focused on real solutions to tackle the Buckeye State’s regulatory burdens and how the consistent buildup of regulations slows economic growth. AFP-OH encourages the General Assembly to support HB 476, which will be beneficial in allowing companies to experiment and deploy new services and products that may not otherwise be possible under current regulatory regimes. This legislation incorporates real solutions to reduce barriers for Ohioans and improve lives for all Buckeye families.
AFP-OH Legislative Director Hannah Kubbins testified before the committee:
“AFP–Ohio was pleased to support Senate Bill 249 of the 134th General Assembly, a bill that created a regulatory sandbox program specifically for financial products and services. HB 476 takes this idea even further by creating a universal regulatory sandbox program that would apply to any new product or service across all industries.
“The bill also establishes a regulatory relief office to administer the program and serve as a liaison between state agencies and private businesses.
“Consistent buildup of regulations slows economic growth. We’re pleased to see HB 476 includes a mechanism that allows the regulatory relief office to identify state laws and regulations that unnecessarily inhibit innovation and provide recommendations to modify or remove these laws to the governor and legislature.
“The bill strikes a balance between encouraging innovation and consumer safety by detailing guidelines of the program, recordkeeping requirements, and requiring certain disclosures to consumers.
“This sandbox program will be beneficial in allowing companies to experiment and deploy new services and products that may not otherwise be possible under current regulatory regimes. AFP–Ohio believes HB 476 is another significant step forward in the regulatory reform space to empower innovation in the Buckeye state.”
BACKGROUND:
AFP-OH supported Senate Bill 249 of the 134th General Assembly, a bill that created a regulatory sandbox program specifically for financial products and services. Sandbox programs allow businesses to ‘play’ in the sandbox without regulations to determine if innovative ideas, products, or services can gain traction in the marketplace, and HB 476 creates a reasonable universal sandbox program that will be empower innovation.
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