DETROIT -- Ford CEO Alan Mulally said government regulation in many ways has hurt innovation among businesses and manufacturers in the United States, according to The Associated Press.

"We've become so stymied with regulation," said Mulally Wednesday during a panel discussion on innovation in manufacturing at The National Summit in Detroit. "We have to say enough is enough and get back to freeing people up."

Pulling on his experience as the head of Boeing and now Ford, Mulally said U.S. businesses need to be at the forefront of innovation again. Corporate scandals, government bailouts and bankruptcy filings have put a blemish on the business sector.

"We've got to make it cool to be in business again," he said. "We really have to re-polish the value of what business brings to mankind."

Nonetheless, Mulally said the recent fuel efficiency and emission standards set by the Obama administration brings a "tremendous benefit" to companies such as Ford when designing new vehicles because it unifies standards set by several states under a federal umbrella.