This Nevada Policy article was originally published in the Nevada Business Magazine.
The constant barrage of news about political leaders fighting for the most powerful positions in the world underscores their crucial role in shaping laws that support innovation, competition, and economic freedom. Leadership at every level, from federal to state government, influences how our businesses operate, from burgeoning conglomerates to the corner lemonade stand.
Nevadans have entrusted their decision-making power to elected officials, but this democratic empowerment raises an important question: How have these leaders helped my business?
Nevada ranks 43rd out of 50 states in the Entrepreneur Regulatory Barriers Index, created through research at the Cato Institute. This index examines state and local regulations that create barriers to startup businesses, including occupational licensing, marijuana laws, alcohol licensing, minimum wages, and rules on home-based businesses.
While this ranking leaves much to be desired, it is well-known that states with favorable regulatory environments attract more innovation, leading to more jobs and a higher quality of life for their communities. Creating one of the most business-friendly states in the country requires intentional and strategic efforts.
For instance, in 2019, Governor Greg Abbott’s administration worked to reduce unnecessary job licensing requirements in Texas, removing barriers for people with student loan defaults to obtain occupational licenses. Similarly, in Florida, Governor Ron DeSantis’s administration aimed to eliminate outdated rules by creating a bill that mandated a review of existing regulations, resulting in the elimination of hundreds of restrictive rules.
Even in Nevada, favorable regulations have passed, such as AB 69 in 2017, which streamlined rules for new technologies like autonomous vehicles, positioning Nevada as a leader in innovation.
However, transforming these legislative successes from isolated instances to a consistent reality requires voter engagement and accountability. Nevada Policy created a legislative scorecard that evaluates the performance of elected officials in the last session. This tool reveals how representatives voted on key issues affecting business operations and growth. By understanding representatives’ past performance, voters can better predict how these officials will shape future regulations and their impact on the business environment.
To realize Nevada’s potential as a prosperous state, we must hold elected officials accountable for the regulatory barriers they have allowed. It is crucial to advocate for reform that fosters innovation and economic growth rather than stifling it.
Implementing expanded regulatory sandboxes is one innovative approach. A regulatory sandbox allows businesses, particularly startups, to test new products, services, or business models in a controlled environment with relaxed regulatory requirements. Additionally, creating opportunities through the reciprocity of occupational licensing by recognizing and accepting professional licenses issued in other states would enable licensed professionals to begin working in Nevada seamlessly without additional licensing.
The potential revitalization of industries and communities with the support of key leaders in the upcoming legislative session could have a profound impact on Nevada and its future residents. We invite you to check out the legislative scorecard and vote with certainty for a brighter tomorrow.
