Administration Updates / Coronavirus / Economic Developments / Employment

President Trump Signs Executive Order Cutting Regulations to Jump-Start Economy

presidentPresident Trump signed an executive order that will help slash red tape in order to revitalize the economy and get Americans back to work.

  • The President is directing agencies to use all emergency authorities to swiftly identify regulations that can be rescinded or temporarily waived to promote job creation and economic growth.
    • Agencies have used these emergency authorities to fight coronavirus, and now we will use them to revitalize our economy and lift up our country again.
    • The Trump Administration will utilize the same determination to jumpstart the economy that it has used to combat the coronavirus.
  • The President’s order asks agencies to speed up the rulemaking process by moving proposed rulemakings to interim final rules with immediate effect – saving years in some cases.
  • President Trump has long made deregulation a major pillar of his pro-growth policies, freeing up small businesses and entrepreneurs to create jobs and drive economic growth.

The President is providing regulatory relief for American businesses as they work to recover from the impact of the coronavirus.

  • The President is directing agencies not to over-enforce when a business is working in good faith to follow the law.
    • This discretion will especially benefit small businesses, who are fighting to recover from the impact of this pandemic.
  • The President’s order establishes a “Regulatory Bill of Rights,” a set of 10 basic principles of fairness to govern the administrative enforcement and adjudication process.
    • These principles will help give businesses the confidence they need to invest and grow as we recover as a nation.

Deregulation has played a key role in the Administration’s coronavirus response, and we will look through the hundreds of actions taken already to see which ones can be made permanent.

  • President Trump and his Administration have taken over 600 regulatory actions to combat the coronavirus, including many suspensions, waivers, enforcement discretion, and more.
  • The Administration will look at ways to make many of these actions permanent.

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