Trump signs ‘2-for-1’ order to reduce regulations

Trump signs ‘2-for-1’ order to reduce regulations-20fh.,b12-1

President Trump on Monday signed an executive order that would require agencies to revoke two regulations for every new rule they want to issue. The executive order is aimed at dramatically rolling back federal regulations, one of his top campaign promises. Trump met with a handful of small business owners at the White House prior to signing the order. He called the executive order “a big one,” according to a pool report.

The order requires agencies to control the costs of all new rules within their budget. Agencies are also prohibited from imposing any new costs in finalizing or repealing a rule for the remainder of 2017 unless that cost is offset by the repeal of two existing regulations. Trump’s order does make exceptions for emergencies and national security.

Starting in 2018, the order calls on the director of the White House Office of Management and Budget to give each agency a budget for how much it can increase regulatory costs or cut regulatory costs. Senior administration officials touted it as the “most significant administrative action in the world of regulatory reform since President Reagan created the Office of Information and Regulatory Affairs (OIRA) in 1981.” OIRA is tasked with reviewing and signing off on all proposed and final rules before they are published in the Federal Register.

Trump on Monday said he wasn’t done targeting regulations, reiterating his campaign promise to try and cut 75 percent of rules. “Regulation has been horrible for big business, but it’s been worse for small business.” The president has especially been critical of the Dodd-Frank Wall Street reform law, calling it a “disaster.” “We’re going to be doing a big number on Dodd-Frank,” he vowed. Regulatory experts argue the “one in, two out” plan will in most cases kick in when an agencies issues a rulemaking.

OMB [the White House Office of Management and Budget] \OIRA [Office of Information and Regulatory Affairs] will be giving agencies guidance on how the provisions of the new E.O. [executive order] will be implemented.” For every rule issued in the U.K., three existing rules must be eliminated. According to a U.K. government report, that requirement saved businesses £885 million from May 5, 2015 to May 26, 2016, or nearly $1.1 billion based on current conversion rates.

source–the hill, lydia wheeler, lisa hagen, oira, lisa gilbert, public citizens congress watch

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s