It is important to learn from history, but in terms of economic reform, the best solution may lie in the future. Link Hoewing, Vice President for Internet and Technology Policy at Verizon –a Broadband for America member –recently expanded on this point in an opinion editorial published in The Daily Caller. "Many of our existing government programs need to be updated to fit with the society and economy we have today," Hoewing writes.

Undeniably, many industries would benefit from fewer burdensome regulations if the system were modernized to meet the needs of our innovative and investment-based economy. Notably, the telecommunications and technology sectors, two industries leading the way in job creation and private investment, could build more economic opportunities without outdated regulatory policies that constrain growth.

Failure to evaluate inefficiencies at all levels of government as America has grown from an industrial age to a digital age is reflected in the regulatory restrictions most private sector businesses face. Modern technology, however, makes it possible to reduce many of these overlaps and inefficiencies while continuing to keep government accountable.

Similar to how technologies evolve to meet the market, Federal regulations should be updated to better serve the private sector.