Washington: Trump orders regulatory rollback
President Trump pledged to massively cut regulations on businesses with a sweeping executive order signed this week, said Brian Naylor in NPR.org. The order stipulates that for every regulation imposed by an executive department or agency, two regulations have to be eliminated, with exemptions for rules related to the military and national security. Although business groups “applauded the order,” reducing rules on the books is not a straightforward process. To repeal a regulation, federal agencies must go through the same notice and comment process used to implement new rules. “And that generally takes at least a year.”
President Trump maintains that unnecessary regulations are holding back economic growth, but is that true? asked Josh Zumbrun in The Wall Street Journal. The Office of Management and Budget estimates that regulations cost the economy as much as $110 billion a year, but it also says they benefit the economy by up to $872 billion. Conservative think tanks, however, tend to conclude that regulations weigh on economic growth. Complicating matters is the fact that the costs of regulations “are so different from the benefits, they can be nearly impossible to compare.” For that reason, “it’s nearly impossible to pin down the payoff” of Trump’s plan.