Suppose you are a high-level advisory committee appointed by the CEO of a venture capital firm that has just acquired a company from an assigned industry. The CEO and her senior team were attracted to this firm because of a recent period of explosive growth. However, that period was also characterized by a presidential administration determined to dramatically reduce the impact of regulation on the economy. As a result, issues of regulation were not a primary concern for the acquired firm. The new presidential administration takes a different view and the work of the newly acquired firm can be profoundly affected by a new regulatory regime. Consequently, the CEO has asked your Committee to answer the following question and make appropriate recommendations. “In writing the position description for the next CEO of the acquired firm, what should be said about the management of governmental regulation?