In a cabinet meeting on Tuesday, President Trump signed an executive order to curb economic regulation within government agencies, in hopes of bolstering economic growth while cutting unnecessary red-tape.
The president’s order will undoubtedly cut barriers to economic growth during this pandemic caused by burdensome regulation. This order raises questions about the necessity of such regulations outside of COVID-19, as the Office of Management and Budget’s (OMB) Acting Director, Russ Vought, noted:
"If a bureaucratic rule needs to be suspended during a time of crisis to help the American people, we should ask ourselves if it makes sense to keep at all,” Vought said to Fox Business. "Typically when our country has faced a crisis, Washington responds by grabbing more power. President Trump understands that to get the economy moving, the power needs to be given back to the people and entrepreneur.”
The order instructs agencies to cut unnecessary regulations that may inhibit economic recovery, and would make permanent the deregulatory action taken by the administration during COVID-19.
#NEW: President Trump says his impending EO will direct agencies to review hundreds of regulations they've already suspended because of the coronavirus outbreak and make the changes permanent. (Thread)— Jennifer Franco (@jennfranconews) May 19, 2020
President Trump is signing an exec order directing agencies to slash regulations. Outside conservative groups have been pushing this version of Phase 4 relief - stimulating the economy through deregulation instead of another trillion dollar relief package. #COVID19 pic.twitter.com/zOFQ3vd0PV— Paula Reid (@PaulaReidCBS) May 19, 2020
President Trump’s executive order will employ emergency authority to cut substantial amounts of red tape among agencies, and work with OMB to navigate the necessity of remaining regulations. Cutting regulation will allow hard working Americans to thrive economically, as the president highlighted:
"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." pic.twitter.com/pmisSDtJTb— The White House (@WhiteHouse) May 19, 2020