"As more goals are pursued through rules and regulations mandating private outlays rather than through direct government expenditures, the Federal budget is an increasingly inadequate measure of the resources directed by government toward social ends."

—Economic Report of the President (Jimmy Carter), 1980

The federal regulatory state is even more out of control than ridiculous federal spending is , and it’s been that way for a long time; when are presidential candidates of either party going to detail how they’ll fix it?

Congress passes a few dozen laws each year; agencies issue thousands of rules and regulations. A weekday doesn’t pass without new regulation. What policymakers and presidential candidates alike have even worse grasp of is the amount of and cost of thousands of other executive branch and federal agency proclamations and issuances such as memoranda, guidance, bulletins, circulars, “advisory opinions” and other such “dark matter” with potentially regulatory effect. Yet oversight of even routine rules and regulations is in a state of disaster. The economy, citizens and job-seekers continue to suffer because of it. This memo is an overview of how things have fallen apart; the question is what will presidential candidates do about over-regulation? Upcoming nationally televised events like the CNN town halls and places like CPAC would be good venues to explain.

First, the central review process at the White House Office of Management and Budget (OMB) to supervise regulations doesn’t work. It was set up by President Ronald Reagan’s Executive Order 12291 (and tweaked by subsequent executive orders from other presidents) to assure rule benefits exceed costs. The idea was important but it did not last.

Read the full article at Forbes.com: Memo To Presidential Candidates: Here's How Oversight Of Federal Red Tape Is A Total Disaster