President Trump signs Executive Order to slash regulations, ‘there will be normalized control’
President Donald Trump signed a new executive order Monday to slash regulations and fulfill another campaign promise. This expansive review of regulations adds a goal for the revocation of two regulations for every new one put forward, according to a senior administration official.
Under the order, federal agencies will propose rules they want to drop and the White House will review them. Surrounded by small business owners, Trump called it “the largest ever cut by far in terms of regulation.”
“If you have a regulation you want, number one, we’re not going to approve it because it’s already been approved probably in 17 different forms,” Trump said while signing the order surrounded by small business leaders. “But if we do, the only way you have a chance is we have to knock out two regulations for every new regulation. So if there’s a new regulation, they have to knock out two.”
Critics of Trump’s economic and regulatory agenda have raised concerns that his administration will reduce protections for consumers and the environment in an effort to help businesses. The President countered, saying that “There will be regulation, there will be control, but it will be a normalized control,” Trump told reporters at the White House.
The administration said the rules would not affect independent agencies such as the Securities and Exchange Commission.
It sets a budget each year for what new regulations would cost the economy, companies and employers — 2017 has a budget of $0.
The Office of Management and Budget, which will be led Mick Mulvaney, will have discretion to give the agencies guidance.
Trump held a listening session with the business leaders at the White House where he pledged to create a climate that will allow businesses to thrive.
“We’re going to create an environment for small business like we haven’t had in many, many decades,” Trump said. “This isn’t a knock on President Obama, this is a knock on many presidents preceding me. It’s a knock on everybody.”
Trump has pledged to repeal the Dodd-Frank Act aimed at regulating Wall Street, which he claims made the big banks bigger, and replace it with “new policies to encourage economic growth and job creation.”