President Trump signed a new executive order Monday that aims to institute a massive reduction in small business regulation across the board. The new rule, which will be binding over federal agencies under the president’s direction, mandates that in order to introduce a new regulation, the facilitating agency must slash two existing ones from its books. This virtually guarantees that the existing regulatory burden for small business owners will never advance to a greater position than at the moment Trump sign the bill — at least for the next 4 years — and will likely begin reducing that burden over the coming months as old regulations are slashed to make way for new ones.
“If you have a regulation you want … 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; but it goes far beyond that. We’re cutting regulations massively for small business, and for large business, but they’re different, but for small business. And that’s what this is about today. This will be the largest such act our country has ever seen. There will be regulation. There will be control, but it will be a normalized control where you can open your business and expand your business very easily and that’s what our country has been all about,” said President Trump.
Dennis Bradford, a member of the Trump’s small business advisory council, thanked the president for this order at the signing, decrying the “tidal wave of red tape” that has been “burying small business” — and there is a lot of it. According to the American Action Forum, a center-right think tank whose mission it is to educate the public on complex policy issues, released a report in 2016 which estimates the regulatory burden generated during the Obama presidency at nearly 1 trillion dollars. The last administration added more than 10 new rules a day, which, under Trump’s new order, would result in 20 rules being eliminated as a result.
What do you think of the president’s latest rule? Will this result in an elimination of many superfluous and damaging regulations? Will federal agencies turtle over their existing rules in order to protect them? Let us know how you think this latest action by the president will play out on Facebook or in the comments below.