While there are a lot of business regulations, I find the majority are necessary. Therefore I
do not think there are too many regulations for businesses. I don’t believe that the
government woke up one morning and decided to inundate businesses with regulations.
Behaviors are the main reason we end up with rules. For example, the Federal Trade
Commission (FTC) was created and is necessary to protect consumers and promote
competition. There would be less competition and higher prices without the FTC, and we
would be complaining. The Occupational Safety and Health Administration (OSHA) is
another example. Without OSHA, there would be no minimum standard of working
conditions. And, of course, we all know about the Enron scandal that resulted in Sarbanes-
Oxley Act (SOX). Regulations that protect human rights, improve safety, improve working
conditions, and benefit the environment are examples of some regulations that I think are
beneficial to society.
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The oil and gas industry is one area that I feel needs strict regulation. The Deepwater
Horizon oil spill is an example of why it is necessary. There is also the ongoing debate on
offshore drilling and the potential safety and environmental impacts. While oil and gas are
essential to the economy, there need to be regulations to protect our health, safety, and the
environment. I feel that all industries are regulated for important reasons, mainly to protect
the public and be competent entities.
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Reference
Black, S., Black, S., Lawrence M. Kahn and Francine D. Blau, Kahn, L. M., & Blau, F. D.
(2017, March 8).-Rules, regulations, and Social Benefits. Econofact. Retrieved April
19, 2022, from https://econofact.org/rules-regulations-and-social-benefits-
