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JEREMY HOBSON: President Obama is signing an executive order today requiring that federal agencies review regulations that might hurt economic growth. The President also wrote an op-ed in this morning’s Wall Street Journal outlining the plan.
For more on this, let’s bring in Marketplace’s Nancy Marshall Genzer in Washington. She’s with us live. Good morning.
NANCY MARSHALL GENZER: Good morning.
HOBSON: So what is the President saying, Nancy?
MARSHALL GENZER: In his op-ed, the President says his executive order is intended to, quote, “make sure we avoid excessive, inconsistent and redundant regulation.” He says he wants to focus on eliminating rules that, quoting again, “stifle job creation and make our economy less competitive.”
HOBSON: Are there any specific rules that he’s talking about?
MARSHALL GENZER: He cites a number of examples. He says the FDA has ruled that the artificial sweetener, saccharin, is safe for people to eat. But the another agency the Environmental Protection Agency has for years made companies treat saccharin like other dangerous chemicals. The President says the EPA eliminated that rule last month. And he also talks about fuel economy standards for cars and trucks. And the President says the process for federal approval of medical devices should be streamlined.
HOBSON: So he’s calling for less regulation. Is he likely to face any hurdles in Washington?
MARSHALL GENZER: How did you guess Jeremy? We haven’t heard anything from agency heads yet about this. But big changes take time in Washington. I talked to banking analyst Bert Ely about this. And he says the President will face some challenges.
BERT ELY: The agencies are going to come back and say, “Wait a minute. We’re going what Congress told us to do.” Therefore, Congress is going to have to change the legislation on which the rules are based.
MARSHALL GENZER: And Jeremy, some members in Congress — as you may guess — could be reluctant to do that. Especially on new legislation, like the healthcare and financial overhauls.
HOBSON: Alright we’ll be watching. Marketplace’s Nancy Marshall Genzer in Washington. Thanks.
MARSHALL GENZER: You’re welcome.
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