From very early on in his first term, President Trump made it clear that a priority for his presidency included the rolling back of regulatory rules which govern significant portions of our economy. President Trump has stated that he wants to see regulations replaced at a two for one rate. While these policies benefit businesspeople and capitalists with libertarian leanings, rules such as this will no doubt become problematic for the majority of Americans.
Regulations influence large sections of our economy from banking, health, the environment to transportation and even pensions. Additionally, they force companies and institutions to abide by safety rules, protect the environment, and also keep companies from overworking and underpaying their employees. Controls keep Americans and the environment safe.This isn’t an attempt to argue that regulations do not require a regular review process. The executive order put forth by the Trump Administration leaves our industry and economy vulnerable and allows companies to take advantage of the absence of regulations. Removing regulations without a viable replacement leaves us unprotected from large corporations and institutions who will inevitably attempt to take advantage of the loopholes being left by the lack of restriction. Agencies such as the Environmental Protection Agency (EPA) can create regulations when they see safety or environmental issues requiring attention. The processes the EPA and other regulatory bodies must go through in order to implement restrictions gives Americans the opportunity to review and comment on the proposed laws.
Regulations, especially those put in place by the EPA do not merely protect the American people, but also protect our land and the environment. With President Trump’s Executive order regarding regulation, if the EPA wants to impose a new check on the government, they must now look to find two regulations which they will remove. This process leaves opportunities for companies to backtrack on safety protocols such as the disposal of hazardous material or safety initiatives for employees. Forcing agencies to search for regulations to remove so that they can set up a new law is problematic. President Trump is forcing organizations to remove regulations for new policies without a thorough and comprehensive review process.
Importance of regulatory review process
Consistent review of regulatory policies and removal of redundant or ineffective regulations should be part of the management process of all large conglomerate. Forcing the removal of regulations for the sole reason of having less restriction is problematic and is not representative of a proper review process. The Trump Administration has made the removal of laws and regulations a priority to adhere to the Republican Platform of small government. The unmitigated elimination of rules and laws leaves Americans defenseless. For example, the removal of net neutrality rules reduces the ability of the average American to explore on the internet, as well as inducing higher costs associated with the use of the internet. Lack of net neutrality also allows internet providers to start charging customers to use sources of internet media. The attempt to remove the Affordable Care Act without a replacement threatens to leave thousands of Americans without healthcare- let alone affordable health care. Similarly, seeking to abandon DACA leaves Americans, brought here as children by their parents illegally, open to deportation and removal from the country through no fault of their own.
Removing laws and regulations put in place by prior administrations without a thoughtful and severe review process leaves American lives at risk. It leaves the environment at risk and renders our financial and business sectors vulnerable to the self-interest of large companies.
The importance of regulatory policy
The use of regulations establishes rules for wide sections of our economy ensuring that our the economy grows while maintaining public interests and addressing public concerns for safety, sustainability, and equality (OECD, 2011). Regulations guarantee the proper delivery of goods and services to citizens while protecting our health, environment and our safety.
The regulatory process does not exist without legitimate criticisms. Regulatory rules can become redundant, outdated and expensive to follow. This highlights the importance of a proper and thorough regulatory review process. The flat removal of regulations without a rigorous review process can expose Americans, our economy and our safety to vulnerabilities. Our government needs to consider its regulatory policy more thoughtfully and develop innovative ways to review, rewrite and implement regulations to avoid the pitfalls of overregulation while still protecting public interests.