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Show . Inside Washington with Senator Jake Garn While the decline of the US dollar continues at an alarming rate, it is but a symptom of a more frightening frighten-ing problem: confused mismanagement mis-management of the federal economy. Japanese Prime Minister Takeo Fukuda has announced announc-ed that he would dispatch a emissary to the US to discuss dis-cuss thedeterioratingmone-tary thedeterioratingmone-tary situation. Fukuda's concern was warranted, as japan and other nations rely re-ly heavily on the stability of the dollar as the basis for 70 percent of world trade. They must question President Carter's fiscal policies as they view our rising inflation and dependence on high-priced high-priced foreign oil. The dollar's rapid decline 38 percent in parts of Europe and 34 percent in Japan Ja-pan requires Americans to pay more and more for foreign goods. That, of course, means a reduced standard of living for all of us, even as our take -home pay and savings are eaten up by inflation. President Carter's lame approach to these problems is exemplified by the recent action of the Federal ', Reserve Board. Underpres-" Underpres-" sure from the White House, the Board last month expanded the US monetary base at an annual rate of 17.2 percent. By simply printing more money to meet our credit demands, the government is compounding rather than solving the inflation tangle. Our deficits, which must be financed to the tune of $51 billion this year and conceivably conceiv-ably $60 billion by 1980, merely continued to mount. And the result is a further loss of international confidence confi-dence in the once almighty dollar. President Carter should begin to restore confidence in the American economic system by cutting back fed- 7 lations by 25 percent over a five-year period. A companion bill 'the Regulatory Conflicts Elimination Eli-mination Act' would remove re-move conflicts or duplication duplica-tion between federal, state and local rules. Noting that the bills were originally introduced bySen. Llyod Bentsen (D -Texas) Garn said: "There is growing grow-ing awarness by Republicans and Democrats that our country is moving toward government by regulatory fiat. We must begin to reverse re-verse this trend now before the bureaucrats gain even more control over our lives through excessive regulations." regu-lations." Garn pointed out that there has been an explosion of federal fed-eral rules and regulations over the past decade. In 1955, some 10,000 pages of regulations were printed in the Federal Register. "But in 1970, the number of pages had mushroomed to 70,000 and there is no sign of relief," re-lief," he said. According to a study by the Center for the Study of American Business, federal regulations alone excluding exclud-ing state and local regulations regula-tions cost consumers and business over $100 billion annually, Garn said. "In addition, excessive regulations regula-tions drive up prices and dry up the capital resources bus -iness needs to invest in plant and equipment to create jobs," he noted. He said the second measure mea-sure is designed to eliminate the outrageous situation in which a small businessman is required to voilate one regulation in order to comply with another. Each year, the OMB would report to Congress and the President on federal agency rules which conflict with or duplicate state and local statutes. sta-tutes. The President will then submit recommendations for resolving the problems. eral spending, instead of offering of-fering vague promises of a balanced budget sometime in the near future. He must play a vital role as to whether wheth-er the U.S. regains its form -er international economic stature, or declines into a second-rate monetary power. pow-er. UJS. Senator Jake Garn will co -sponsor a pair of bills aimed at reversing the rising tide of federal red tape which is strangling the American economy and spirit. spir-it. The Utah Republican noted that 'The Regulatory Cost Reduction Act' establishes a gial of cutting the costs businesses bus-inesses and individuals pay to comply with federal regu- |