Earlier this year, President Obama outlined his plan to create a 21st-century regulatory system – one that protects public health and welfare while promoting economic growth, innovation, competitiveness, and job creation. Among other things, his Executive Order on Regulation said the following: Always consider costs and reduce burdens for American businesses and consumers when developing rules; expand opportunities for public participation and public comment; simplify rules; promote freedom of choice; and ensure that regulations are driven by real science.
The President also called for an unprecedented government-wide review of regulations already on the books. As a result of that review, more than two dozen agencies identified initiatives to reduce burdens and save money. We released those draft plans to the public and asked for your comments. The final plans reflect feedback we received from industries, small businesses, and individuals from around the country – and they will save U.S. businesses billions of dollars in regulatory burdens.
* The Department of Health and Human Services will soon propose to remove unnecessary regulatory and reporting requirements now imposed on hospitals and other healthcare providers, potentially saving an anticipated $4 billion over the next five years.
* The Department of Labor is finalizing a rule to simplify and to improve hazard warnings for workers, likely saving employers over $2.5 billion over the next five years without compromising safety.
* The Department of Transportation is proposing a rule that will eliminate unnecessary regulation of the railroad industry, saving up to $340 million in the near future, and avoiding the risk that regulatory costs will be passed onto consumers.
* The Environmental Protection Agency will soon propose a rule to reduce burdens on hazardous waste generators by moving from paper-based to electronic reporting, saving up to $126 million annually.
By the end of this year, the Internal Revenue Service will eliminate 55 million hours in annual paperwork burdens by consolidating reporting requirements and streamlining various tax forms.