The pace of new government regulations has plunged in President Donald Trump’s first seven months in office, a welcome relief to businesses and banks that have long pushed for less interference in the economy.
In the first half of 2017, the Office of Information and Regulatory Affairs has processed some 67 regulatory actions, ranging from notices to final rules. During the first six months of former President Barack Obama’s first term, the department coursed through three times as many, processing 216 regulatory actions.
New regulations spiked even more under former Presidents George W. Bush and Bill Clinton. The Office of Information and Regulatory Affairs processed 310 under Bush and a whopping 993 under Clinton.
Trump made tax and regulatory reform key pillars of his 2016 bid for the presidency. Since taking office, Trump has signed executive orders aimed at rolling back Dodd-Frank, slashed regulations imposed on American small businesses, and promised to end all unnecessary regulations on the energy industry. (RELATED: Trump Signs Executive Order Slashing Small Business Regulations)
The administration has also moved to increase the efficiency and productivity of the federal government, through cutting unnecessary or burdensome rules that federal agencies are required to follow.
White House Office of Management and Budget Director Mick Mulvaney announced a memorandum in mid-June that rescinds or modifies many of the requirements placed on federal agencies by the OMB. The logic is rather straightforward: far too often agencies are required to spend more time and energy complying with menial tasks, rather than spending time allocating taxpayer dollars to effectively and efficiently carry out their missions.
Business owners and investors are meeting the administration’s push for deregulation with positivity and optimism.
The National Federation of Independent Business conducts monthly surveys of its members, and has recently found a heightened demand for new labor and investment.
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