> My experience with European Union is that the EU politicians mostly live in a ivory tower and spend their days producing garbage laws and aren't actually addressing anything important

Regulations are the unsexy laws that don't make the news because the specifically PREVENT things like water pollution, food and drug safety, employment rights.

Lets see how the US companies will act in the best interests of the public without regulation. Then come back and say its useless bureaucracy to ban lead in water, or allow chcemical dumping into rivers and lakes.

It's like saying "Well we don't need all this regulation around flying because the number of accidents is minor" such nonsense.