Government regulation is a rule of order having the force of law, prescribed by a superior or competent authority, relating to the actions of those under the authority's control. Regulations are issued by various federal government departments and agencies to carry out the intent of legislation enacted by Congress. There are two basic types of government regulation one in economic regulation of natural monopolies and of specific non-monopolistic industries. On quote are some of the explanation of the two regulations. In regulation of natural monopolies, the regulation of natural monopolies has tended to emphasize restrictions on product prices. Various public utility commissions throughout the United States regulate the rates (prices) of electrical utility companies and some telephone operating companies. The rate regulation, as it is usually called, officially has been aimed at preventing such industries from earning monopoly profits. On the other hand, regulation of non-monopolistic industries is related to the prices charged by firms in many other industries that do not have steadily declining long-run average costs, such as financial services industries, have also being subjected to regulations. Every state in the United States, for instance, has a government agency devoted to regulating the prices that insurance companies charge, more broadly, government regulations establish rules pertaining to production, product (or service) features, and entry and exit within several specific non-monopolistic industries"(Miller et al 621). In understanding government regulations, we will be looking at a regulation that was about to get better but was taking back which is making it to fail. This regulation is “The Clean Air Act Of 1970 and The Clean Water Act Of 1972”
