Today, in a press conference at the United States Telephone Association, Citizens for a Sound Economy (CSE) joined a broad coalition of groups to speak out in support of H.R. 1542. The legislation, which is sponsored by Representatives Tauzin and Dingell, would reform and modernize telecommunications regulation.
Paul Beckner, President of CSE issued the following statement:
“Members of Congress must support H.R. 1542. From a quick review of the NASDAQ, it is clear that the current regulatory environment has not kept pace with changes in the marketplace. Without change, the high tech economy will be crippled by outdated regulations.
In the past year, the tech-industry has witnessed intense, often bankrupting, competition. The NASDAQ has fallen 57 percent from its record high and over $3 trillion in capital has fled equities markets since March of 2000. The high-tech industry accounted for a third of the nation’s growth in recent years. If the technology sector continues to stagnate, so too will the economy as a whole. Beckner concluded,
“In 1998 many commentators suggested that part of the reason for the high-tech sector’s success was that it was “one-step ahead of regulators.” No one would risk the embarrassment of saying such a thing today. An overdose of regulatory control is poison to investment and a strong economy.”