Jeremy Hobson: Here in the U.S., the White House will reveal today to streamline federal regulations for businesses. According to an op-ed in this morning’s Wall Street Journal, the White House will eliminate rules to save businesses billions of dollars over the next five years.
Marketplace’s Nancy Marshall Genzer joins us now, live from Washington with more. Good morning.
Nancy Marshall Genzer: Good morning, Jeremy.
Hobson: So Nancy, give us the details first — what is the White House planning to do?
Marshall-Genzer: Well, the Obama administration says more than two dozen federal agencies have found regulations that are redundant or unnecessary, and could be scrapped. The White House actually started this process with an executive order back in January. And President Obama has already talked about some of the most obvious examples of unnecessary rules — things like not making gas stations install valves on pumps to keep gas vapors from escaping, because there’s already technology on cars that does exactly the same thing. Also, the Environmental Protection Agency is allowing more paperwork to be filed electronically. The Department of Homeland Security is going to expedite clearance of low-risk travelers through security at airports. And the Transportation Department will only apply certain railroad safety rules where they’re actually needed… imagine that, Jeremy.
Hobson: Some people have been saying that getting rid of rules is going to help business help hire workers. Is that likely to be the case?
Marshall Genzer: Hard to say, because there are a lot of reasons companies aren’t hiring right now. And some business groups say they’re more concerned about new regulations from the health care and financial reform laws. The National Association of Manufacturers says regulations from those new laws are actually more of a threat to job creation and competitiveness.
Hobson: Marketplace’s Nancy Marshall Genzer in Washington. Thanks, Nancy.
Marshall Genzer: You’re welcome.
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