Issa: Regulation hurting U.S. ability to compete

Rep. Darrell Issa (R-Calif.) contended on "Fox News Sunday" that overregulation is hurting the ability of American companies to compete around the world. 

Issa said the concern is not just competing with China, a challenge already looming over many companies, but also with the rest of the world.

"People always talk about China. We need to compete against Brazil and against Europe," he said.

Issa linked unneeded regulatory costs to unemployment. 

"We have about $1.7 trillion worth of regulatory costs already in the government," he said. "If the president wants to throw another $300 or $400 billion, what he's doing is taking it right out of businesses, right out of employment, right out of competitiveness. We need to make sure we compete."

One way to combat overregulation and government waste is to spotlight it through hearings, Issa said.

"Yes, mostly what we're going to do is shed light on it," he said, contending that this will spur more demand from voters for an end to wasteful policies.