An executive order has been signed by President Donald Trump, which is designed to cut the number of regulations affecting business in U.S.
The order is among a flurry of others which President Trump has signed in his first ten days in the office.
The executive order, which was signed in front of the business people, was aimed at “cutting regulations massively for small business,” Trump said. He also boasted that it was the “biggest such act our country has ever seen.”
While speaking at the Oval Office, President Trump said that he wanted to tell small business owners that “American dream is back” and he would revive small businesses by either “ending or restricting existing regulations.” He also added that a large number of the American workforce is employed in small business, so he wants to “make life easier for small business owners.”
Despite Trump’s verbal emphasis on small businesses, the order will affect all the businesses equally, since the executive order didn’t specifically mention small businesses.
The “two out, one in” approach designed in the executive order asks the government departments to form a new regulation in place of two already existing regulations, which will be dropped as a result of the new regulation.
The regulations will be managed by the Office of Management and Budget (OMB), and Republican Mick Mulvaney is expected to lead the department.
The two out, one in clause will be exempted from some categories of regulations – like the ones dealing with military and national security and “any other category of regulation that the director wants to be exempted.”
The executive order directs that the cost and budgeting of the planned regulations should be “prudently managed” and controlled through a budgeting system, and the director will be responsible and be the one to define how costs are measured and “what qualifies as new and offsetting regulations.”
A spokesman and member of the National Small Business Association, Todd McCracken said that there was a lot left to understand about the executive order, and it was one of those orders “where the devil is in detail”. He said that the order doesn’t specifically mention small businesses, but they would make sure that not only large firms but small businesses also reap the benefits of fewer regulations.
The executive order came at a time when President Trump’s travel ban on seven Muslim countries has come under attack, and many companies have also criticized the move.
Lloyd Blankfein, Goldman Sachs boss, left a voicemail for employees that “we do not support this policy.” A similar message was left by executives at the car maker Ford for its employees. Other tech firms like Google, Facebook, and Airbnb among others have also raised concerns over the ban.
Microsoft, Expedia, and Amazon have all agreed to aid in legal action against the latest immigration curbs imposed by the United States. The companies said that the move has a detrimental impact on its operations and employees.