Congress Giving President Donald Trump Tools “to wipe out abusive regulation”

Congress Giving President Donald Trump Tools “to wipe out abusive regulation”

Congress Giving President Donald Trump Tools “to wipe out abusive regulation”

Wednesday, Republicans passed a bill in the House of Representatives that touched on nearly every step US agencies take in creating and applying new rules, continuing their blitz to radically reform “abusive” federal regulation of areas from the environment to the workplace.

In a 238-183 vote, the House passed the “Regulatory Accountability Act,” which combined 8 bills aimed at changing how the vast government bureaucracy runs.

Just 5 Democrats voted for it.

The legislation would give President Donald Trump tools “to wipe out abusive regulation,” said Bob Goodlatte, the Judiciary Committee Chairman who is among the many House leaders calling for lighter regulation and saying the costs to comply with federal rules are too high.

Republicans note that here is little accountability for regulations that apply to almost every aspect of American life because they are created by appointed officials and not elected representatives.

Federal agencies operate either independently or under the President’s authority.

The current reform push is part of the Trump Campaign promise to “drain the swamp.”

House Republicans push for reform, and last week they passed bills requiring Congressional approval of major rules and giving Congress power to kill dozens of recently enacted ones.

The bill would require agencies to post more detailed information on proposals for an extended period of time, limit judge’s interpretations in legal challenges, and require agencies to enact the lowest-cost version of a rule.

The House will vote Thursday on changes to the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), the major securities and derivatives regulators.

Stay tuned….

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.