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Trump Cuts Through the Red Tape

February 27, 2017

President Donald J. Trump signed an Executive Order requiring every agency to establish a Regulatory Reform Task Force to eliminate red tape.

In response to President Trump’s executive action to review and modernize federal regulations, Mark J. Costa, Chairman and Chief Executive Officer of Eastman Chemical Company and Chair of the Business Roundtable Committee on Smart Regulation, issued the following statement:

 
“America’s business leaders welcome President Trump’s directive requiring federal agencies to roll up their sleeves and identify existing regulations for reform or elimination. We believe that such an exercise can reduce burdens on the economy, spurring American innovation and accelerating the creation of higher quality jobs.”
 
Earlier this week, Costa sent a letter to the White House detailing the top regulations of concern identified by Business Roundtable CEOs.
 
Business Roundtable has consistently identified overly complex and burdensome federal regulations as harmful to job creation, job retention and increased economic opportunity for American workers and their families. The Roundtable supports a smarter approach to federal regulation that would engage regulated parties earlier in the process, improve the quality of information used to make regulatory decisions and consistently apply rigorous cost-benefit analysis to major regulatory proposals.
 
Business Roundtable recently conducted a survey of its membership to identify regulations that are of most concern across every sector of the economy. The full list of “Top Regulations of Concern” is available here

GOVERNMENT WIDE REGULATORY REFORM

  • Each Regulatory Reform Task Force will evaluate existing regulations and identify candidates for repeal or modification.
  • Each agency’s Task Force will focus on eliminating costly and unnecessary regulations.
  • To hold the Task Forces accountable, agencies will measure and report progress in achieving the President’s directives.

COSTLY REGULATIONS: Regulations have grown unchecked in past Administrations, imposing a steep cost on the American economy.

  • The regulations from the last Administration cost American taxpayers $873 billion in total.
  • The Obama Administration finalized more than 3,000 regulations.

BUILDING ON PRESIDENTIAL ACTION: President Trump has been steadfast in his commitment to reducing the regulatory burden on everyday Americans, their pocketbooks, and their businesses.

  • President Trump has required that for every new Federal regulation, two existing regulations be eliminated.
  • President Trump signed an Executive Order instructing Federal agencies to minimize the burden of the Affordable Care Act on Americans while he works to repeal and replace it.
  • President Trump signed legislation, House Joint Resolution 38, to prevent the burdensome “Stream Protection Rule” from causing further harm to the coal industry.
  • President Trump signed legislation, House Joint Resolution 41, to eliminate a costly regulation that threatened to put American mining and energy companies and their employees at an unfair disadvantage.
  • President Trump directed the Secretary of Commerce to develop a plan to streamline Federal permitting processes for domestic manufacturers.
  • President Trump signed an Executive Order expediting the environmental review and approval processes for domestic infrastructure projects.
  • President Trump directed the Secretary of the Treasury to conduct a full review of the burdensome regulations required by the Dodd-Frank Act.
  • President Trump ordered a re-examination of the Department of Labor’s “fiduciary rule,” to make certain that it does not harm Americans as they save for retirement.

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