Newt talks with Wayne Crews, the Fred L. Smith Fellow in Regulatory Studies at the Competitive Enterprise Institute. His work explores the impact of government regulation of free enterprise. They discuss CEI’s annual report “Ten Thousand Commandments: An Annual Snapshot of the Federal Regulatory State.” Crews argues that rising federal spending and regulation move together, citing post-COVID laws such as the CARES Act, CHIPS and Science Act, and Inflation Reduction Act as examples of “hyper-regulatory” spending that expands the administrative state even before agencies write rules. Crews contends that government is ill-suited to pick market winners, set prices, or manage sectors like energy and finance, and that market forces—suppliers, customers, investors, media, and civil society—already discipline firms without heavy-handed regulation. He stresses that rejecting overregulation does not mean “no regulation,” but rather preferring competitive over political discipline. Crews warns that massive federal spending has weakened the coalition for regulatory reform by aligning businesses, governors, and mayors with Washington through funded mandates and programmatic strings tied to priorities like DEI, climate, and the “care economy.”