CCAGW Urges Missouri House Economic Development Committee to Support HB 268 | Council For Citizens Against Government Waste

CCAGW Urges Missouri House Economic Development Committee to Support HB 268

State Action

January 23, 2023

House Economic Development Committee
Missouri House of Representatives
201 West Capitol Avenue
Jefferson City, MO 65101

Dear Representative,

On behalf of the 35,078 members and supporters of the Council for Citizens Against Government Waste (CCAGW) in Missouri, I urge you to support HB 268, which would create a regulatory sandbox in Missouri.  This legislation will allow for greater innovation and competition in the state.

Regulatory sandboxes have been established in Arizona, Florida, Kentucky, Nevada, Ohio, South Dakota, Utah, Vermont, West Virginia, and Wyoming and countries around the world.  These innovative programs give businesses relief from burdensome regulations to “test innovative products, services, business models and delivery mechanisms.”  Since the world’s first regulatory sandbox was established by the United Kingdom’s Financial Conduct Authority in 2015, there has been a 40 percent reduction in authorization times, and 80 percent of “successfully tested” businesses remain in operation.  If Missouri cuts its red tape, the state’s industries will get similar relief.

HB 268 will open the door to greater innovation in Missouri by allowing pioneers to test their “innovative offering” without the burdensome restrictions that would normally create a barrier to entry.  The bill’s two-year sandbox period provides ample time to give consumers the opportunity to use these new products.  It should also increase the number of companies willing to move to Missouri to take advantage of the less burdensome regulations and increased opportunity.

Once again, I urge you to support HB 268 to provide a win for Missouri businesses and consumers by increasing competition and choice through the adoption of a regulatory sandbox.

Sincerely,
Tom Schatz
President, CCAGW

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