President Donald Trump’s administration is continuing its push to deregulate many sectors of the economy and cut red tape with a campaign to remove five regulations that it deems onerous, duplicative or unnecessary.
Trump signed an executive order in January directing federal regulators to find two regulatory rules to eliminate for every new rule they propose. In February, Trump required Treasury Secretary Steve Mnuchin to review the current regulatory environment and submit a report detailing the regulatory roll backs Trump’s administration could pursue. (RELATED: Trump Signs Executive Order Slashing Small Business Regulations)
The administration now reportedly has five regulations they are ready to put on the chopping block.
1) Obama-era Overtime Rule
The Overtime Rule is expected to make 12.5 million American workers eligible for time-and-a-half overtime compensation and will extend mandatory overtime protections to 4.2 million workers across the nation. It also makes it so that every American worker making $47,476 or less per year must be compensated with time-and-a-half overtime pay. (RELATED: Obama’s Overtime Rule: Good For Employees, Bad For Business)
The rule was set to take effect on Dec. 1, 2016, but states and lobbying groups quickly took up arms against the measure. Currently, 21 states are fighting the overtime rule, claiming it raises the standard for overtime pay too quickly.
The Trump Labor Department asked a federal appeals court Friday to not rule on the validity of the salary threshold included in the rule.
2) Financial Advisor Rule
The Labor Department made a request Thursday for public comment on the Obama-era financial advisor rule, a regulation that requires financial advisors act in the best interest of their clients.
Critics claim the rule puts an undue burden on financial advisors, which raises the cost for consumers who use financial advisors to manage their investments, The Hill reports.
The Labor Department is currently enforcing the rule. It was granted 15 days to comment publicly on whether or not it will extend the timeframe for investment advisers to comply with the rule beyond the current Jan. 18, 2018 deadline.
3) For-Profit College Rules
Currently, a college graduate’s estimated annual loan repayment must be at or below 20 percent of their discretionary income or 8 percent of their total earnings. If a for-profit institution refuses to comply with the current rules, it risks losing out on the federal student loan repayments programs.
The rule is intended to ensure that for-profit colleges and trade schools are effectively preparing students for well-paying jobs.
The Department of Education announced Friday that it would “press pause” on the ruling, granting schools another year to comply with the agency’s gainful employment rule.
4) Student Borrower Rule
The student borrower rule was instituted under the Obama administration, and aims to protect students seeking loans from predatory lenders or misleading practices. The rule requires that schools put up a line of credit or large sum of cash when they are sued to protect taxpayers in case the institution goes under.
The Department of Education sought public comments on the ruling in March and public hearings are scheduled for next week.
5) Beryllium Rule
The Trump administration is locking eyes on the Obama-era Beryllium rule, which protects workers from exposure to Beryllium, a highly toxic metal that causes serious lung problems.
The rule reduces the exposure rate for workers by 1.8 micrograms of Beryllium per cubic meter of air.
The Labor Department proposed to change the rule by excluding the shipbuilding and construction industries.
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