O'Rielly Hails Economic Freedom, Laments Lack of FCC Cost-Benefit Analysis
FCC Commissioner Mike O'Rielly extolled the virtues of economic freedom in a Monday speech to the Prosperity Caucus, according to prepared remarks posted Tuesday. He said both consumers and businesses should be free to buy and sell, without needing government…
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permission, and with minimal restrictions. "Although these days it may seem as though profit is ... being treated as a bad word, know that for me I see profit, not as harmful, but as a shorthand for employer, dividend payer, taxpayer, community participant and many other things," he said. O'Rielly said the FCC shouldn't advocate for localities entering the market by competing directly with companies. In considering FCC actions, he said he has basic principles aimed at ensuring the commission: has statutory authority, has adequate evidence of market failure, carefully crafts tailored regulations and finds the regulatory benefits outweigh the burdens. He criticized the current FCC for not paying more attention to cost-benefit analysis. "The lack of thoughtful cost-benefit analysis will have even greater impact as the Commission expands the boundaries of its mission," he said, citing its net neutrality order. He asked for help from audience members in critiquing the agency's actions using such analysis, saying the commission's public record in proceedings was often "abysmal." He also voiced concern about the "dearth of economists" at the agency.