Legislation Expected to Be Introduced to Restore Trump-Era Policy
A new legislation, named “The 2 for 1 Act,” is set to be introduced on Friday with the aim of reining in the regulatory state and cutting red tape. The bill, championed by lawmakers who believe that the Biden administration’s regulations have made life harder for American farmers and small businesses, seeks to restore the Trump administration’s principle of repealing two regulations for every new regulation created.
Restoring Common-Sense Principles to Make It Easier for Americans to Earn a Living
According to Representative Mike Gallagher, who supports “The 2 for 1 Act,” this measure is a simple way to cut red tape and make it easier for Americans to earn a living. By requiring proposals for new regulatory cuts and directing the White House Office of Management and Budget to project the cost of new rules to the private sector, the legislation aims to ensure that the implementation of a new rule is offset by two proposed cuts.
Reversing Biden’s Actions on Regulations
“The 2 for 1 Act” seeks to reverse President Biden’s actions on regulations. Soon after taking office, President Biden rescinded the original policy through an executive order. Furthermore, in May, Biden signed an executive order that empowered regulators and raised the threshold for review of rules based on their projected economic impact. The threshold was increased from $100 million to $200 million.
The Impact of Biden’s Regulations
Since President Biden took office, more than 750 new regulations have been finalized, costing a total of roughly $437 billion, according to the American Action Forum. These regulations have sparked concerns among lawmakers and critics who argue that they place a burden on American businesses and hinder economic growth.
Aiming for Regulatory Reform
“The 2 for 1 Act” represents a step towards regulatory reform and aims to create a more favorable environment for American farmers, small businesses, and the private sector as a whole. By reinstating the principle of repealing two regulations for every new one created, the legislation seeks to cut red tape and provide relief to those affected by burdensome regulations.