President Trump is done with the regulations.
His latest executive order will help reduce the regulatory burden on small businesses created by the Obama administration through the Dodd-Frank act.
“There will be regulation, there will be control, but it will be normalized control,” Trump said as he signed the order in the Oval Office, surrounded by a group of small business owners.
During a meeting with the business owners earlier on Monday, Trump described the Dodd-Frank law as “a disaster.” He also asserted that it was “almost impossible now to start a small business and it’s virtually impossible to expand your existing business because of regulations.”
Trump’s latest executive action will require that agencies cut two existing regulations for every new rule introduced and it will set an annual cap on the cost of new regulations.
For the rest of fiscal 2017, the cap will require that the cost of any additional regulations be completely offset by undoing existing rules.
This is a massive win for business and consumers, ultimately making the free-market system more free.
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