Aug 22, 2017 Last Updated 01:29 AM EDT

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Trump Signs Executive Order to Reduce Regulations Affecting US Businesses

Feb 01, 2017 09:10 PM EST

President Trump Signs Executive Order In Oval Office Of The White House
(Photo : Andrew Harrer - Pool/Getty Images) WASHINGTON, DC - JANUARY 30: (AFP OUT) U.S. President Donald Trump signs an executive order in the Oval Office of the White House surrounded by small business leaders January 30, 2017 in Washington, DC. Trump said he will ÒdramaticallyÓ reduce regulations overall with this executive action as it requires that for every new federal regulation implemented, two must be rescinded.

President Donald Trump signed an executive order designed to dramatically reduce the number of regulations affecting US businesses.

The order, which he signed on Monday in front of a group of businessmen, seeks to slash federal regulations, although the policy will not apply to a number of financial reform rules that were introduced during the Obama administration.

National Small Business Association member Todd McCracken said in an interview, there are things we need to understand with the executive order, this is where the devil is in the detail. With this order, they ensure that small businesses benefit equally with others.

In a press release by Thomas J. Donohue, Chamber of Commerce President and CEO said, "US Chamber praises the president for meeting the campaign's commitment to take on the regulatory juggernaut that is curbing economic growth, choking small business, and putting people out of work." He added that they will work jointly distinguishing regulations hurting small businesses and find an explication to create more jobs. 

America's small and independent businesses, however, is unfavorably affected by this new business regulation in an information given by the National Federation of Independent Business. In their published research, it states that for the past 96 consecutive months, business regulation has been part of their top three concerns.

Small Business Majority conducted their own research in 2012 which also concludes that business regulations also part of their top three concerns. Their President and SEO John Arenshemeyer said in an interview Small business at the state and local level are those gravely affected by this new executive order. Those on the federal level businesses do not carry the burden that will be caused by this new policy. 

The first week of Donald Trump in office turned out to be intense with the policies being established and implemented and technically described as "two-out, one-in" approach. However, such approach is exempting businesses dealing with the military and National Security.

The new business regulations are taking effect after Donald Trump signed it at the oval office in front of several businessmen. These are the first few policies that are lined in his first few days as President of the United States.

 

 

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