Tags: Coronavirus | Donald Trump | Financial Markets | Money | Trump Administration | federal | regulations

Trump Cutting More Regulations to Boost Virus Recovery


By    |   Tuesday, 19 May 2020 09:18 PM

President Donald Trump signed an executive order Tuesday, "instructing federal agencies to use any and all authority to waive, suspend, and eliminate unnecessary regulations that impede economic recovery."

"We're fighting for the livelihoods of American workers, and we must continue to cut through every piece of red tape that stands in our way," Trump said during a Cabinet meeting Tuesday, talking about economic recovery from the coronavirus shutdowns. 

"With millions of Americans forced out of work by the virus, it's more important than ever to remove burdens that destroy American jobs."

When he first took office, Trump vowed to cut two regulations for every new one during his administration and he took a bow Tuesday, claiming to have cut more regulations in three and a half years in office than any administration has done, even across multiple terms.

"We've done more regulation cutting than any president in history," Trump declared, saying more expedited orders are necessary to get the estimated 36 million Americans out of work due to the coronavirus back to full employment. 

"I'm directing agencies to review the hundreds of regulations we've already suspended in response to the virus and make these suspensions permanent where possible," he added. "I'm also instructing agencies to use the emergency authorities to speed up regulation cuts or new rules that will create jobs and prosperity and get rid of unnecessary rules and regulations."

The Trump administration economics have long hailed his regulatory rollback as one of the greatest catalysts for his thriving economy before the global coronavirus pandemic shaved as much as 30% of Americans wealth in the past few months.

More deregulation, spearheaded by Acting Director of the Office of Management and Budget Russ Vought, can get the economy thriving and make the American people prosperous again, Trump said.

"I've lived with it in the private sector, so I know it better than anybody: Where you go years and years and years to build a simple roadway or a simple building, and it would end up costing an absolute fortune – many, many times what it should cost," Trump said. "And it would take years before you could even seek final approval."

Infrastructure has been another Trump campaign promise, made on the night of his election in November 2016. He hopes speeding up the approvals for infrastructure can be a catalyst for coronavirus economic recovery, barring legal opposition.

"Maybe it night not get passed, for environmental reasons, but we're going to know quickly," Trump said. "But if it does pass, it's going to happen fast."

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To boost the post-pandemic economic recovery in the U.S., President Donald Trump signed an executive order Tuesday "instructing federal agencies to use any and all authority to waive, suspend, and eliminate unnecessary regulations that impede economic recovery."
federal, regulations, jobs, deregulation, regulatory rollback, economy
Tuesday, 19 May 2020 09:18 PM
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