President Trump’s executive order this week to dramatically scale back federal regulations has the strong support of the Equipment Dealers Association.
The order requires federal agencies to cut two existing regulations for every new rule that is introduced. It fulfills one of the President’s major campaign promises to slash regulations that he said have been holding back the economy.
Natalie Higgins, vice president of government relations and general counsel for the EDA, hopes the order will offer relief to equipment dealers and other small businesses from costly and burdensome regulations. “EDA supports regulatory reform, and looks forward to the government providing dealers with the discretion they need to run their businesses without undue interference,” she said.
As reported by Reuters, the executive order will allow for an annual cap to be set on the cost of new regulations. For the rest of fiscal 2017, the cap will require that the cost of any additional regulations be completely offset by eliminating existing rules, according to a senior official. Certain categories of regulations will be exempt from the new policy, including those dealing with the military and national security.
The order was heralded by Trump as “the biggest such act that our country has ever seen.” The President stated there will still be regulation, but “normalized control.”
Diane Katz, a research fellow on regulatory policy, noted to The Daily Signal that the need for regulatory reform has never been greater. “There is virtually no aspect of our lives over which laws and ordinances do not reign. Congress and federal bureaucrats routinely ignore regulatory costs, exaggerate benefits, and breach legislative and constitutional boundaries,” she stated.