Klobuchar invited the CEO of Minnesota’s LifeScience Alley, Shaye Mandle, to testify at JEC hearing about the impact of unnecessary regulations on the medical device industry; Klobuchar has been a leader in the fight to improve the process for approving medical devices, repeal medical device tax
National Association of Manufacturers President Jay Timmons expressed support for Klobuchar’s bipartisan SCORE Act during the hearing, calling it “an important rethinking of the institutional design of our regulatory system”
WASHINGTON, D.C. - U.S. Senator Amy Klobuchar, Vice Chair of the U.S. Congress Joint Economic Committee (JEC), today called for continued efforts to cut red tape in government regulations. Klobuchar invited the Executive Vice President and CEO of LifeScience Alley, a Minnesota-based organization focused on promoting high-tech growth and innovation, to a JEC hearing to testify about the impact of excessive red tape on Minnesota’s more than 400 medical device firms. Klobuchar led the successful effort to improve the process for approving medical devices at the Food and Drug Administration (FDA) and has also introduced legislation to repeal the medical device tax.
During hearing, the President of the National Association of Manufacturers (NAM), Jay Timmons, expressed support for Klobuchar’s bipartisan SCORE Act (S. 1472) that would cut back on unnecessary red tape. Klobuchar’s SCORE Act, introduced with Senator Susan Collins (R-ME), would establish a new independent body within the Congressional Budget Office to perform an economic cost benefit analysis of the impact and effectiveness of proposed rules and regulations. It would also establish a “look back” provision at regulatory agencies, requiring them to review the effectiveness of rules already in effect.
“Americans expect and deserve thoughtful regulatory policies that protect the public interest while encouraging investment, innovation and economic growth,” Klobuchar said. “Better analysis is a critical step in ensuring we properly weigh the costs and benefits of regulations, and I remain committed to promoting this common-sense approach in our federal agencies.”
In his testimony, Timmons highlighted Klobuchar’s SCORE Act as a potential policy solution for cutting red tape, saying “This is an important rethinking of the institutional design of our regulatory system and could lead to regulations that more effectively meet policy objectives while reducing unnecessary burdens.”
During the hearing, Klobuchar emphasized the real world impact of overly burdensome regulations on U.S. businesses, citing one statistic showing that delays in the approval process at the FDA contributed to a 17 percent drop in venture capital investment in medical device firms in 2013. Klobuchar has been a leader in the fight to cut red tape for the medical device industry, passing legislation in 2012 to streamline rules at the FDA and improve agency culture, and introducing a bill in 2013 to repeal the onerous medical device tax. The U.S. is the largest net exporter of medical devices in the world, enjoying a trade surplus of $6 billion a year.
In addition to her work to improve the regulatory process for medical technology companies, Klobuchar has also fought to cut red tape in the U.S. tourism industry by reducing wait times for tourist visas, and has pushed to ensure farmers are represented in the decision-making process for regulations affecting U.S. agriculture.