TL;DR
President Donald Trump signed an executive order to reduce regulations and control regulatory costs. The order requires that any new regulations enacted by an agency must result in two regulations being eliminated, and there will be a cap on costs of new regulations.
President Donald Trump signed a four-page executive order, “Reducing Regulation and Controlling Regulatory Costs,” just 10 days after taking office, surrounded by small business owners. Two of the key changes outlined in the order include that any new regulations enacted by an agency must result in two regulations being eliminated, and that there will be a cap on costs of new regulations.
“If small businesses are focused on paperwork and licenses, if half their money’s spent satisfying government regulations, they won’t be in business long,” said Levi King, CEO and Co-Founder of Nav. “I support smart regulation, but eliminating bureaucratic rulemaking that stifles innovation and discourages new jobs and growth would be a welcome development. On the other hand, as we saw with the airport chaos this weekend, major policy changes require a thoughtful, measured approach.”
According to a NSBA survey, almost 40 percent of business owners who responded said that new regulations significantly impacted their ability to grow and expand their business.
In this story
This story was originally published in 1851 Franchise on February 7, 2017. Burnaze summarizes and links to the original reporting.
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