Budget of the U. S. Government by Office of Management & Budget Office of;

Author:Office of Management & Budget, Office of; [Office of Management and Budget]
Language: eng
Format: epub
Publisher: Morgan James Publishing
Published: 2017-08-15T00:00:00+00:00

Launch a Regulatory Freeze. On January 20, 2017, the President’s Chief of Staff issued a memorandum to all agencies, directing them to pull back any regulations that had been sent to, but not yet published by, the Office of the Federal Register; to not publish any new regulations unless approved by one of the President’s political appointees; and to delay the effective date of any pending regulations for 60 days to provide the new Administration time to review and reconsider those regulations. Federal agencies responded by pulling back over 60 so-called “midnight” regulations from being issued and continue to take a very close look at those published, but not yet in effect.

Control Costs and Eliminate Unnecessary Regulations. On January 30, 2017, the President signed Executive Order (EO) 13771, “Reducing Regulation and Controlling Regulatory Costs.” This EO emphasizes a critical principle for the regulatory state. It requires Federal agencies to identify for elimination at least two existing regulations for each new regulation they issue. It generally also requires agencies to ensure that for 2017, the total incremental cost of all new regulations be no greater than $0. For 2018 and beyond, the EO establishes and institutionalizes a disciplined process for imposing regulatory cost caps and allowances for each Federal agency.

Establish Executive Order (EO) 13777, “Enforcing the Regulatory Reform Agenda.” This EO establishes within each agency a Regulatory Reform Officer and a Regulatory Reform Task Force to carry out the President’s regulatory reform priorities. These new teams will work hard to identify regulations that eliminate jobs or inhibit job creation; are outdated, unnecessary, or ineffective; or impose costs that exceed benefits. These efforts build upon a widely recognized and bipartisan consensus that many existing regulations are likely to be ineffective and no longer necessary. The difference, however, is accountability, and these teams and this effort will be a critical means by which Federal agencies will identify and cut regulations in a smart and efficient manner.

Reform Financial Regulation and Prevent Taxpayer-Funded Bailouts. The Budget fosters economic growth and vibrant financial markets by rolling back the regulatory excesses mandated by the Dodd-Frank Act. On February 3, 2017, the Administration issued an EO on Core Principles for Regulating the United States Financial System (Core Principles EO), which includes preventing taxpayer-funded bailouts and restoring accountability within Federal financial regulatory agencies.

As directed in the Core Principles EO, the Secretary of the Treasury, with the heads of the member agencies of the Financial Stability Oversight Council, is conducting a thorough review of the extent to which existing laws, regulations, and other Government policies promote (or inhibit) these Core Principles. The Budget includes $35 billion in savings to be realized through reforms that prevent bailouts and reverse burdensome regulations that hinder financial innovation and reduce access to credit for hardworking American families.

Further, the Budget proposes legislation to restructure the Consumer Financial Protection Bureau (CFPB). CFPB’s interpretation of the Dodd-Frank Act has resulted in an unaccountable bureaucracy controlled by an independent director with unchecked regulatory authority and punitive power. Restructuring

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.