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By Alexis Kramer
Sept. 29 — Congress should be wary of imposing stifling regulations on the emerging “sharing economy” sector, according to the chair of the House Energy & Commerce Committee.
Rep. Fred Upton (R-Mich.), in the first of a planned series of hearings on policy issues arising from the sharing economy, said Sept. 29 that Congress needs to recognize the risk of hindering innovation with reactionary regulatory measures.
“At a time when jobs are still hard to find, and balancing the budget is a challenge, we should not risk job creation with hasty calls to regulate,” Upton said.
The “sharing economy” consists of peer-to peer business platforms in various sectors of the economy, in which individuals can share their homes, cars and other private assets for a profit. The sharing economy generated approximately $15 billion in revenues in 2013, and is projected to generate $335 billion by 2025, according to a recent PriceWaterhouseCoopers study.
House representatives and industry representatives at the hearing expressed similar views and said that lawmakers must first consider the benefits of these platforms to both users and the economy — e.g., job flexibility, convenience, increased competition — before deciding to take regulatory action.
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