President Donald Trump recently signed an executive order regarding federal agency regulations that he says will have a positive impact on small business operations.
The executive order signed Jan. 30 mandates that federal agencies must present two regulations to be eliminated for each newly proposed regulation. In addition, the executive order stipulates “that the cost of any additional regulations be completely offset by undoing existing rules,” The New York Times reports.
The National Federation for Independent Business issued a statement in response to the executive order:
“According to NFIB research, small business owners rank unreasonable government regulations as their second most important problem. Regulations have been in their top three concerns for 96 consecutive months. The President’s order is a good first step on the long road toward eliminating ball-and-chain regulations so small businesses can create jobs and expand the economy.”
The U.S. Chamber of Commerce also released a statement regarding the order:
“The U.S. Chamber applauds the president for fulfilling the campaign’s promise to take on the regulatory juggernaut that is limiting economic growth, choking small business, and putting people out of work.”
According to research from the North American Retail Hardware Association (NRHA), 32 percent of independent home improvement retailers listed “regulations and taxes” as one of the biggest long-term (five to seven years) challenges to growth.