Regulatory Innovation Act

The Regulatory Innovation Act is a legislative framework designed to encourage new and effective approaches to regulation. It aims to streamline regulatory processes, reduce bureaucratic hurdles, and foster innovation, particularly for emerging industries and technologies. By encouraging collaboration between regulators and businesses, the Act seeks to create a more adaptive regulatory environment that can respond to rapid changes in the economy and society. This can lead to smoother paths for startups and new ideas, promoting growth while ensuring that necessary safety and ethical standards are still maintained.