Most federal agencies must submit plans within 120 days to regularly review the regulations they have previously issued, according to a new executive order by President Barack Obama, which aims to find and eliminate those that “stifle job creation and make our economy less competitive.”
Order aims to streamline regulation reviews
The executive order, issued Tuesday, generally reaffirms previous orders to streamline and review “outdated” regulations. All but “independent regulatory agencies” must perform the regulation review, under the order, which echoes a similar 1993 executive order by President Bill Clinton.
Obama's new order came after business groups repeatedly blamed the president's heated rhetoric and the administration's regulations implementing the Patient Protection and Affordable Care Act, among other new laws, for stifling recovery from the Great Recession. The uncertain business environment created by those regulations, according to business groups, has resulted in an estimated $2 trillion in cash reserves left uninvested.
Obama's order led House Majority Leader Eric Cantor (R-Va.) to again urge adoption of a Republican economic recovery plan that would, in part, bar any new regulations that “have an economic cost” or result in a lost job. “While I applaud his efforts on this new executive order today, we must go further,” Cantor said in a news release.
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