VINEYARD HAVEN, Mass. — The Obama administration outlined plans Tuesday to revamp government regulations that it said would save businesses about $10 billion over five years.
The changes affect rules enforced by more than two dozen federal departments or agencies from Agriculture to Veterans Affairs, according to the administration.
Drafts of the rule changes were released in May, and Tuesday's announcement is an update following comments from industry groups and the public.
The U.S. Chamber of Commerce, the nation's biggest business lobby, was among the business groups that welcomed the administration effort while saying it didn't go far enough.
"This lookback will not have a material impact on the real regulatory burdens facing business," Bill Kovacs, vice president of environment, technology and regulatory affairs, wrote on the Chamber's website. Still, the plan is a "worthy effort at making technical changes to the regulatory process."
President Barack Obama, facing criticism from Republicans in Congress about his policies, is rolling out initiatives aimed at boosting job creation amid public concern that the economy is stalling. He ordered the regulatory review in January, and the final plans are being released before the president delivers an address on additional measures to spur growth, including tax cuts and spending for infrastructure projects.
Gross domestic product will grow 1 percent in the fourth quarter rather than the 2.5 percent previously forecast, and 0.5 percent in the first quarter of 2012 instead of 1.5 percent, JPMorgan Chase said in a note emailed to clients last week. Citigroup cut its 2011 growth forecast to 1.6 percent from 1.7 percent and lowered its projection for next year to 2.1 percent from 2.7 percent.
"The president's executive order has built into it the words job creation," '' Cass Sunstein, administrator of the White House Office of Information and Regulatory Affairs, said on a conference call. "We do see this as helpful to job creation."
He said it's not possible to estimate how many jobs it may lead to. "To translate the elimination of regulatory costs into number of jobs isn't a simple exercise."
Government regulation has been a focal point of Republican critics, such as House Majority Leader Eric Cantor of Virginia, who called the results of the regulatory review "underwhelming."
"Every day, business people and job creators cope with burdensome regulations that have a negative impact on both jobs and our economy, and again the president seems reluctant to do everything in his power to help them," Cantor said in a statement.
Rosario Palmieri, vice president of regulatory policy at the National Association of Manufacturers in Washington, said the administration continues to add costly rules for businesses even as it modifies existing regulations.
"While removing some modest burdens with this hand, with the other hand the administration is proposing new costly and unnecessarily burdensome rules that will wipe away all the savings that have been proposed today," Palmieri said.
He cited the Environmental Protection Agency's proposal to tighten ozone standards, saying it may cost the economy an additional $1 trillion annually between 2020 and 2030 and jeopardize 7.3 million jobs. He called it "the most costly rule that this administration has proposed."
During Obama's bus tour to rural parts of the Midwest last week, he repeatedly heard from voters, small business owners and farmers who said they were concerned that regulations were too onerous and adding to the uncertainty preventing them investing additional capital.
- Asian stocks mixed as markets await Brexit...
- Stocks, pound fall again due to UK vote...
- US economy grew at slightly faster 1.1...
- 'Avatar' mobile game landing ahead of film...
- US home prices climb in April; 7 cities set...
- Volkswagen settles emissions-cheating cases...
- How Amazon's Dash buttons can thwart smart...
- Costco begins new credit card agreement
- Stocks, pound fall again due to UK vote... 8
- Costco begins new credit card agreement 5
- Gap between Salt Lake renters, owners... 3
- Volkswagen settles emissions-cheating... 3
- Allegiant Air adding flights from Provo... 3
- Tesla wants to be the ultimate... 2
- Millennials are sparking the next... 2
- Dave Ramsey: Navigating the line... 2