As president, I'll repeal the coal ash rule, the clean water rule, net neutrality, and much more.
To understand what is wrong with the regulatory culture of the U.S. under President Obama, consider this alarming statistic: Today, according to the World Bank—not exactly a right-wing think tank—the U.S. ranks 46th in the world in terms of ease of starting a business. That is unacceptable.
Think what the U.S. could be and the prosperity we could have if we rolled back the overregulation that keeps us from ranking in the top 10. It wouldn't just be easier to start a business. It would also be easier to find a job, get lifesaving medicine, get a loan, and see a doctor or health professional. Costs and prices would go down. The U.S. economy, stalled in the worst economic expansion since World War II, would be unleashed. Regulatory reform alone could add more than three percentage points to U.S. GDP by 2025.
Since January 2009, the Obama administration has mired America's free market in a flood of creativity-crushing and job-killing rules. This administration has issued rules targeting banks, farms, medical offices, hospitals, credit unions, insurers, tanning and nail salons, power plants, factories, federal contractors, cars, trucks and appliances. And in perhaps its most shocking display of regulatory overreach, it is regulating the Internet as a public utility, using a statute written in the 1930s.
If you're wondering why it's hard to get a mortgage, why no new banks are opening up, why your power bill will be going up, why your health insurance costs more, why we don't build new highways, why you can't get medicines that are available in Europe, Barack Obama's rules are a big part of the story.
These rules create a moat around America's wealthiest and well-connected. They can afford to comply and absorb the costs. The burden of meeting the new rules' requirements falls heaviest on everyone else through higher prices. And if a business can't pass on the cost of new rules to consumers, it just cuts wages or jobs.
The increased cost of new regulations, in time and money, has been phenomenal. According to the American Action Forum, since Mr. Obama took office, new regulations have resulted in an additional 443 million hours of paperwork each year for Americans. All told, according to the Competitive Enterprise Institute's 2015 report on the federal regulatory state, regulations impose a $1.88 trillion silent tax on the U.S. economy each year—that's nearly $15,000 per family. For every second of his presidency, Mr. Obama has added roughly $3,100 in regulatory burdens to the economy.
It's time we did a better job regulating the regulators. My goal as president would be to find and retire the rules that are posing a major obstacle to people who want to get a job, start a business, move up the income ladder or do anything else that contributes to the prosperity of this nation. If elected president, I will use my executive authority to direct agencies to create one dollar of regulatory savings for each new dollar of regulatory cost they propose. We will eliminate and reform outdated and burdensome rules and, when necessary, work with Congress and the courts to overcome legal obstacles that stand in the way of sensible savings.
My administration will create a commission charged with reviewing regulations from the perspective of the regulated and shifting more power from Congress back to states. In my administration, ...
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