Shortly after a Monday morning White House meeting with small business owners to discuss economic growth challenges in America, President Trump signed an executive order intended to reduce the burden of government regulation.
“We want to end the unfairness between small and big business that’s caused by regulation. Small business can’t hire the kind of talent that big businesses can hire,” Trump said as he prepared to meet with small-business owners.
Titled the “One-in, Two-out,” Mr. Trump’s executive order will hereafter eliminate two federal regulations for every new one produced. The order also places a limit on the cost of regulations for the fiscal year and establishes a new budget procedure determined by the White House, not Congress, for further regulations.
“We don’t need 97 different rules to take care of one element,” Mr. Trump told small-business owners on Monday.
Under an increasingly regulatory state, Federal Register, the government’s daily chronicle of proposed regulations, finalized rules, notices and presidential actions, the Register has gone from 2,620 pages in 1936 to over 78,000 in 2015.
A record year in 2015 with the addition of 3,378 new regulations under President Barack Obama, it is estimated the economic toll due to burdensome federal rules exceeds $1.8 trillion every year.
Many business owners have complained they struggle under the suffocating orthodoxy of federal regulation.
Citing endless regulation from the EPA, over greenhouse emissions; the Federal Trade Commission over limits on prices; the FDA’s rules regarding extensive clinical trials; and the SEC’s control over initial public offerings, many business owners welcomed Mr. Trump’s action.
Later, Trump signaled his intent to advance his anti-regulatory stance with respect to Wall Street, saying, “We’re going to be doing a big number on Dodd-Frank.”
[Hot Air] [The Hill] [Photo courtesy AP via Indian Country Media Network]