by Mitch Kokai
Senior Political Analyst, John Locke Foundation
Louis Nelson reports for Politico on ongoing efforts to reduce federal regulatory overreach.
Commerce Secretary Wilbur Ross said Friday that he and others on the economic team of President Donald Trump “are up to our eyeballs” in their search for government regulations to be undone.
Trump, who campaigned on an economic message of growth and job creation, has made reducing government regulation a priority in the opening weeks of his presidency. Just 10 days into his administration, the president signed an executive order mandating that for each new regulation put into effect, two others must be removed. And last week, Trump signed an order requiring federal agencies to create regulatory reform task forces.
Speaking on CNBC Friday morning, Ross said he would seek the input of business groups including the National Association of Manufacturers, the U.S. Chamber of Commerce, the National Federation of Small Businesses and others. He estimated that the Trump administration may ultimately save U.S. businesses “way into the tens of billions of dollars and very possibly approaching a hundred odd billions of dollars.”
“Many of these were put in by executive orders and by agency rules, and those wouldn’t require acts of Congress. So we are up to our eyeballs in trying to make sure we identify all the problems,” Ross said. “So it’s a lot to do there. I think that will be one of the most fruitful areas that the administration can attack quickly.”
This development should please those who listened to a recent presentation from the authors of the Cato Institute’s Freedom in the 50 States report. They suggested that regulatory reform offers one of the best paths toward increased economic growth.