President Trump’s executive order earlier this week to make hundreds of deregulations permanent, will result in a massive overhaul of regulatory policy.
Regulation Cutting for the People
President Trump on Tuesday announced an executive order, which will have regulatory agencies look at more than 600 regulatory actions taken during the Coronavirus crisis, to determine which ones should be made permanent, and which shouldn’t.
“If a bureaucratic rule needs to be suspended during a time of crisis to help the American people, we should ask ourselves if it makes sense to keep it at all,” Acting Office of Management and Budget Director Russ Vought told Fox Business.
Vought added that in order to get the economy up and running again, the power taken by Washington during the crisis has to be given back to the people and entrepreneur.
The executive order will be using emergency authority to discern the best way to identify which regulations’ suspension will help jumpstart the economy. Compliance measures are also being relaxed, as agencies are told to not over-enforce regulations on small businesses and nonprofits.
The Coronavirus pandemic has prompted a deregulation campaign by the Trump administration, which has more notably removed telemedicine regulations, as well as barriers when it comes to development and testing of cures or vaccines for the novel virus.