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President Trump’s Signs Executive Order Targeting Regulation

President Donald J. Trump has signed an executive order affecting regulation on Friday.

According to CNBC, the executive order will impose additional oversight on government regulations, designating officials within government agencies who will monitor rule-making and identify needed policy changes.

“Excessive regulation is killing jobs,” Trump said at an Oval Office signing ceremony today. “Every regulation should have to pass a simple test: Does it make life better or safer for American workers or consumers? If the answer is no, we will be getting rid of it.”

Titled “Enforcing the Regulatory Reform Agenda,” the order will require department and agency heads to designate a “regulatory reform officer” to oversee the implementation of regulations and identify needed changes, according to Bloomberg BNA.

The regulatory reform officers must be appointed within 60 days and will be responsible for enforcing existing executive orders that already attempt to wrangle increasingly complicated federal regulations, which include President Trump's Executive Order 13771, President Obama's Executive Order 13563, and President Clinton's Executive Order 12866.

Tim Rood, Chairman of the Washington, D.C.-based Collingwood Group, said that increased compliance costs forces lenders and servicers to raise borrower costs, putting those who need assistance in a financial strain.

"Many regulators seem to be numb to the increased costs of compliance that lenders and servicers have manifested in ways that substantially raise borrower costs, reduce lender competition, and minimize program options. Moreover, the complexity and inconsistency of regulations from states, federal agencies, and quasi federal agencies almost guaranty violations. When those violations come with outsized and crippling fines, a substantial amount of lenders only focus on originating the most pristine loans. The net effect consists of higher costs for borrowers and little to no financing for those who need the most assistance—low to moderate income and minorities."

On Thursday, White House strategist Steve Bannon told the Conservative Political Action Conference that one of the administration's top goals is dismantling the regulatory framework that previous Democratic presidents have put in place, as reported by NPR.

"The way the progressive left runs is, if they can't get it passed, they're just going to put in some sort of regulation in an agency," he said. "That's all going to be deconstructed."

The executive order falls four days after President Trump's first 30 days in office.

This story is developing.

About Author: Mirasha Brown


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