Is a clean slate ahead?

Monday, November 14, 2016
 | 
Chris Woodward (OneNewsNow.com)

wrapped up in red tapeIt may not bring the same amount of attention as national security or foreign policy, but regulation should not be overlooked.

With the incoming Trump administration, many people are hoping the president-elect will work with the Republican-led Congress to cut regulation. After all, he and the GOP candidates talked about how rules are burdensome for the economy.

Young, Ryan (CEI)"It is something I would like to see happen, but Trump is not exactly the most predictable candidate when it comes to his policy views," says Ryan Young of the Competitive Enterprise Institute (CEI). "It remains to be seen how much of a say Vice President-elect Pence will have in policy making, and Speaker Ryan, assuming he remains speaker, could also play a larger role than he does now. So we'll see what happens."

"I've heard some noise about repealing large swaths of Dodd-Frank financial regulation bill and the Affordable Care Act and a few other issues," Young adds about what may be on the chopping block.

On that note, Republicans in the House and Senate have been pushing for repeal of the Regulations from the Executive In Need of Scrutiny (REINS) Act in recent years, citing expensive rules from executive branch agencies that did not go through Congress.

"If it does happen, now would be a great time to do it," Young believes. "President Obama issued a veto threat about REINS, but something tells me that since that bill would reduce the executive's power and give a lot of legislative authority back to Congress, where it belongs, maybe President Obama will change his tune, considering the next fellow has substantial disagreements with his views."

Meanwhile, liberals want regulations, things that ensure a level playing field, to help the environment, etc. And Young is not entirely in favor of wiping the slate clean.

"There's a role for government in securing property rights, preserving the sanctity of contract, and many other issues," Young recognizes, "but I think when you have total regulatory costs of $1.9 trillion and the code of federal regulations exceeding 178,000 pages, there's room to cut. There's a lot of fat to trim, and I think we need to go about that while also not forgetting that government does have some very important, core roles that it should play," he concludes.

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