Question

Explain why there are so many different regulatory agencies. Devise a regulatory structure that would improve the existing system.

Answer 1

Regulatory agencies are the public or government bodies that govern and excercise the authority for monitoring sectors or businesses in supervisory capacity. The regulatory bodies work in the areas of administrative law, rule making, regulatory law, approving transactions.

The regulatory bodies presence is very essential as it aims at maintaining the transperancy in decision making, making of administrative laws and adhearance of same, implementation of public athority, to maintain market confidence, financial stability and consumer and investor protection. .

Examples for regulatory body are- Interstate Commerce Commission, Medicine and Healthcare Product Regulatory Agency, Telecom Regulatory agency, etc.

The regulatory structure for the system should have a proper, tranparent, accessible, qualitative and quantative both, conduct comprehensive review of administrative procedures.

There should be a clearly defined and different agencies for different sectors in order to focus and improve that sector. Elements of effective structure- national circumstances, state legal system, state structure (i.e goverment plans, policies, eductaional system,etc.), availability (i.e of Human resources, finance, technical knowledge, etc.), emergency preparedness and response.