President Donald Trump today signed an executive order to eliminate “excessive” business regulations that, in his view, are hampering the creation of businesses and jobs in the country.
The order, which is still unknown in details, orders all federal agencies to establish work teams that recommend regulations to be eliminated.
“Excessive regulations are killing jobs, prompting companies to leave our country like never before,” Trump said at the White House signing ceremony, where he was surrounded by CEOs of companies such as Dow Chemical, 3M, Lockheed Martin or Johson and Johnson.
“We’re going to make sure every agency has a dedicated team to investigate all the regulations that are needed, so we can look for solutions,” Trump added.
According to the president, who has only been in office for 1 month, any regulation must respond to a basic premise of whether it “improves the lives and safety of US workers and consumers.”
Trump has signed several decrees to reduce federal regulations, including one on Jan. 30 to force two new ones for each new regulation.
In an address earlier today at the annual Conference on Conservative Political Action (CPAC), Trump said that current regulations are “repetitive” and that up to 75% of such industry or industry standards can be eliminated.