US President Donald J. Trump signed an executive order for each federal agency to establish a regulatory reform taskforce to eliminate red tape. Under the Feb. 24 order, each taskforce will:
• Evaluate existing regulations and identify candidates for repeal or modification.
• Focus on eliminating costly and unnecessary regulations.
• Be measured by the agency, which will report progress to the White House.
“Regulations have grown unchecked in past administrations, imposing a steep cost on the American economy,” the White House said in announcing the order. The Obama administration imposed more than 3,000 regulations, which cost taxpayers $873 billion, it noted.
American Petroleum Institute Pres. Jack N. Gerard welcomed Trump’s action. “In the past few years, our industry has faced a regulatory onslaught with 145 new rules and regulations aimed at hindering the development of our nation’s energy resources,” he said.
Neil Bradley, a senior vice-president and chief policy officer at the US Chamber of Commerce, said regulatory relief and reform are needed to get the domestic economy growing more quickly. “Business owners from all sectors and industries have acknowledged that red tape sows uncertainty and holds back investment and innovation,” he said.
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