The government should secure my rights to life, liberty, and property.
After all, "Governments are instituted among Men, deriving their just powers from the consent of the governed, — That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness."
Securing these rights within our borders requires a legal system to determine whether any rights have been infringed and law enforcement to carry out the will of the legal system. Internationally, this requires the ability to protect the assets of citizens within our borders and overseas to overcome piracy, foreign seizure of assets, and attack/invasion (though it may be argued that the first two are optional, as the nation may only be required to protect its citizens' rights within its borders).
In this model, explicit regulations are unnecessary because an individual or entity are liable if someone is harmed or suffers the loss of property due to their actions, as judged by the legal system. People and companies are free to be as greedy as they want, as long as they do not infringe on any citizen's right to life, liberty, or property. Loopholes in regulations no longer exist because there exists an objective standard by which actions are judged (i.e. infringement of rights, rather than arbitrary legislation).
Unfortunately, this is impossible in the US at this point, since the federal government employs millions of people directly (
4 million in the executive branch alone), and millions more as contractors. The
180,000+ current employees which exist outside of the three branches of government would be left out in the cold, no longer being paid tax dollars to spend tax dollars on goals unrelated to why the government nominally exists.
Sounds better than the status quo, anyway.