For every new regulation, two will have to be cut: Trump
US President Donald Trump is adding to his list of Executive Orders. Trump signed an order calling for a big cut in US government regulations, reducing regulations by up to “75% or more,” according to Trump.
The measure calls for eliminating two existing regulations for every one regulation added, and also calls on federal departments to propose lists of regulations to eliminate.
Trump called the order “the largest ever cut by far in terms of regulation.”
The US currently has a regulatory freeze in place, and there has been no money whatsoever budgeted for new regulations this year.
Trump signed the order at the White House accompanied by small business owners, one of whom thanked the President for reducing regulations.
US economy becoming more competitive
Trump’s regulation reductions, combined with his pledge to cut the business tax rate from 35% to 20%, will push the United States economy in a much more competitive direction, increasing the challenges faced by other global economies.
While US growth has stagnated – averaging an anemic 1.9% over the past 8 years, Trump has taken – and promises to take – many measures that could substantially increase the rate of growth.
With that said, the US Congress will still have to change actual law, so any real and substantive changes could be months away.
Photo – Twitter