In a recent directive, the President emphasized the need to reduce federal regulations that create obstacles for new market entrants and limit competition. The order outlines a systematic approach in which agency heads will review regulations under their jurisdiction to identify those that facilitate monopolistic practices or impose unfair barriers to entry for businesses. This initiative aims to enhance economic revitalization by promoting a more competitive landscape, ultimately benefiting American consumers through increased choices and innovation.

The order mandates that within 70 days, agency heads must submit a list of anti-competitive regulations along with recommendations for either rescission or modification. Additionally, feedback from the public will be solicited through a request for information, allowing for broader input on which regulations are perceived as detrimental to competition. This collaborative approach seeks to ensure that the regulatory environment fosters entrepreneurship while safeguarding fair market practices.

Furthermore, the directive explains that the Office of Management and Budget will play a role in consolidating the findings from various agencies and deciding on the proposed changes to the regulatory agenda. The goal of this effort is to create a regulatory framework that encourages competition and innovation, which are essential for a thriving economy. By streamlining regulations, the administration hopes to remove unnecessary barriers that have historically limited market entry and growth.

Original: article