Trump’s Two-For-One Regulation Deal
Trump’s newest order is that for every new regulation proposed, two must be identified for repeal. If a new regulation goes into effect, the costs must be offset by the repealed regulations. The idea behind it is to strip away costs on small businesses and unburden the system. “There will be regulation, there will be control, but it will be normalized control where you can open your business and expand your business very easily,” Trump said prior to signing the executive order. Watch that below:
Trump later said that “Dodd-Frank is a disaster” and that “We’re going to be doing a big number on Dodd-Frank.”
When he does that “big number,” he should pay close attention to Section 1071 of the law, which many believe the CFPB will try to use to police commercial finance and business-to-business transactions.
Ironically, as Trump works to slash federal rules, states will likely be doing just the opposite. Already in New York, Governor Cuomo’s 309-page budget proposal includes edits to an existing law that would impose strict regulations on all non-bank business finance.Last modified: January 31, 2017