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Regulatory Reform: Another Trump Executive Order

Posted By Administration, Wednesday, March 8, 2017

President Trump is determined to unclog the nation’s regulatory process when it comes to regulations that hamper business. An executive order was signed last week that goes along with his two regulations must go for every new one established.

His order forms a regulatory reform task force within every federal agency. The goal? Cut the red tape.

“Excessive regulation is killing jobs, driving companies out of our country like never before. Every regulation should have to pass a simple test; does it make life better or safer for American workers or consumers?” the president said as he signed the order.

Stating the nation does not need 75% of the regulations in place, Trump said each agency will be required to “measure and report progress in achieving the president’s directives. Each task force will make recommendations on which regulations to repeal or simplify.”

He calls them “repetitive, horrible regulations that hurt companies, hurt jobs.”

As expected Democrats are balking at the call for regulatory reform. They are especially concerned when the push seems to be coming from the president’s chief strategist Steve Bannon who is calling the deregulation push “the deconstruction of the administrative state.”

Robert Verchick heads the very liberal think tank the Center for Progressive Reform. He said the president’s order is “clearly aimed at embedding his overtly political, anti-protections agenda at federal agencies that are supposed to be using science and expertise to safeguard us all.”

Trump joins several other presidents including Ronald Reagan, Bill Clinton and George W. Bush in trying to control the growth of regulation. They did not succeed. But it appears Trump is more trying to do away with regulations President Obama instituted in his four years in office.

He says the executive orders signed by Obama and laws passed by Congress added 3,000 regulations to the federal register and cost business and consumers hundreds of billions of dollars. The Obama administration — in enacting the regs — said the benefits to the public outweigh the cost.

Trump’s two for one executive order also capped the annual cost of new regulations. But it doesn’t apply to most of the financial reform rules done by Obama and the Dodd-Frank Act. However, the freeze the president ordered on regulations pending review has stopped some of them from taking effect.

Source link: Business Insurance

 

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