The federal government, which deals with macroeconomics (or the overall economy), could soon require regulators to consider “efficiency and economic growth” in their mandates in response to business community concerns that Canada’s complicated and slow-moving regulatory regime has caused private sector investment to wane in recent years. Companies in sectors spanning the country have for years deplored Canada’s regulatory regime, claiming it is overly complicated and rigid, putting firms at a disadvantage to foreign rivals. These concerns are most acute in the oil and gas sector, where companies have failed in recent years to build major pipelines to get their product to market, forcing Canadian oil producers to accept a near-record discount for oil, effectively erasing hundreds of millions of dollars in revenue and thus impacting GDP. To avoid this issue in the future, Morneau stipulated that Ottawa would introduce a “regulatory modernization bill” to be reviewed on a yearly basis, to remove outdated or duplicative regulatory requirements faced by Canadian businesses.