The American dream is back. We’re going to create an environment for small business like we haven’t had in many, many decades! pic.twitter.com/ZuJNaN6z8b
— Donald J. Trump (@realDonaldTrump) January 30, 2017
President Trump signed a new executive order surrounded by small business owners that massively cuts regulations. For every new regulation, two will be cut. That’s the regulation cut he promised and it’s now in place.
“There will be regulation, there will be control, but it will be normalized control,” Trump said as he signed the order in the Oval Office, surrounded by a group of small business owners.
During a meeting with the small business owners earlier on Monday, Trump said regulations are keeping businesses from expanding and banks from lending money.
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“Dodd-Frank is a disaster. We’re going to be doing a big number on Dodd-Frank,” Trump said, referring to the 2010 Wall Street reform law.Implementing the new policy may be difficult alongside the Trump administration’s push to repeal and replace the Affordable Care Act, said Tom Bulleit, head of the healthcare practice in the Washington D.C. office of law firm Ropes & Gray.As the Congress passes new legislation on health care, there will need to be new rules, Bulleit said.
“There’s a great deal of regulation that is either expressly required by legislation or is necessary to make the legislation work,” he said.
Consumer groups and environmentalists are opposed and say that it removes important protections.
In reality, Dodd-Frank, written by two shady politicians, caused small banks to fail and banks too big to fail to become even bigger.
The White House Office of Budget and Management (OMB) will still review major regulations but agencies will have to identify two regulations to be repealed in exchange for every new regulation.
Trump has tapped U.S. Representative Mick Mulvaney of South Carolina to lead the OMB.
As Donald Trump said, where was the outrage when jobs were fleeing our country?
Where was all the outrage from Democrats and the opposition party (the media) when our jobs were fleeing our country?
— Donald J. Trump (@realDonaldTrump) January 30, 2017
We need some balance. We need free trade but we also need jobs.
Small business owners responded after the signing. It’s something you won’t hear much about in the media but it’s great to listen to.
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