Increasingly, and particularly in response to the recent economic downturn, policy makers have pointed to regulation as a “job killer” and have called for regulatory reform to promote job creation and economic recovery. The empirical research, although limited, reveals a more complex relationship between regulation and jobs, and fails to support the notion that regulation is either a major job killer or a significant job creator. U.S. policy makers should not expect that the nation’s economic woes can be solved by reforming the regulatory process.