Regulatory Policy

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  • Policy is the process of making political, management, administrative, and financial decisions so as to meet specific goals. Although policy incorporates law, it is different in that policy guides actions likely to meet goals, whereas law either compels or prohibits behavior. Regulatory policy is the process of controlling individuals, institutions, businesses, and agencies to standardize acceptable practices and sanction those who are in violation of the law.

    Regulatory policies originated in the 19th century as a response to the laissez-faire, monopolistic practices in the United States. The first federal regulatory agency, the Interstate Commerce Commission, was created in 1887 by the Interstate Commerce Act to address abuse and discrimination by the railroads.

    The goal of regulatory policies is to protect the public's fundamental rights to life, ...

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