Trump to make deregulation pitch, claims RM1.3b

by BLOOMBERG

WASHINGTONPresident Donald Trump is set to tout his administration’s efforts to roll back federal regulations today, with a speech claiming that existing rule reversals and delays have already eliminated an estimated US$300 million (RM1.26 billion) in annual costs.

Trump’s White House address — followed by “Cut the Red Tape” events at 10 federal agencies — will highlight the administration’s view that reversing, delaying and rewriting rules is helping spur economic growth, jobs and innovation, said Neomi Rao, administrator of the Office of Information and Regulatory Affairs (OIRA).

“In the process of rolling back regulations, we’re really looking to find regulations that are no longer working, that are duplicative or ineffective,” Rao told reporters in a briefing last Friday.

Trump has vowed to slash unnecessary, “job-killing” rules across the federal government. The president directed his department heads to kill two regulations for each new one they issue and ordered agencies to cap the costs of new rules.

While the Trump administration has begun rewriting and delaying a suite of rules, including Obama-era regulations governing carbon dioxide emissions and hydraulic fracturing, just 10 major rulemakings have been finalised since he took office, according to OIRA records.

A proposed delay of key portions of the Department of Labour’s fiduciary rule setting standards for brokers and dealers is among the changes driving the White House’s estimate of US$300 million in annual savings. — Bloomberg