President Obama Vows Review of Business Regulations

President Barack Obama said on Tuesday he would order a government-wide review of regulations with the goal of eliminating those that hurt job creation and make the U.S. economy less competitive.

In an op-ed piece in The Wall Street Journal, Obama said some government regulations have placed “unreasonable burdens on business — burdens that have stifled innovation and have had a chilling effect on growth and jobs.”

He said he would require that in the future government agencies “ensure that regulations protect our safety, health and environment while promoting economic growth.”

The president has recently ratcheted up efforts to soothe relations with the business community, after alienating corporate America through rhetorical attacks against Wall Street and an agenda heavy on regulation.

Business leaders say government regulations, including those being written for the healthcare overall and financial reform, have hurt job creation at a time of high unemployment.

“It’s a review that will help bring order to regulations that have become a patchwork of overlapping rules, the result of tinkering by administrations and legislators of both parties and the influence of special interests in Washington over decades,” Obama wrote.

Noting that small businesses create most new jobs in the economy, he said he would direct the government to make a greater effort to reduce the burden regulations place on them.

While vowing to eliminate rules that are “not worth the cost, or that are just plain dumb,” the president said his administration wouldn’t shy away from writing new rules to address obvious gaps in government oversight.

(Writing by Eric Beech; Editing by Jonathan Thatcher)

Topics Legislation