OMB Says Department/Agency Reg Reviews Expected to Save Billions
At a recent House Energy and Commerce Committee Subcommittee on Oversight and Investigations hearing, an official from the Office of Management and Budget discussed issues relating to regulation and Executive Order 13563 - Improving Regulation and Regulatory Review. The official noted that thirty departments and agencies released their preliminary plans for the retrospective review of existing rules/regulations and that some of the steps outlined in the plans have already eliminated hundreds of millions of dollars in annual regulatory costs, and over $1 billion in savings can be expected in the near future. Over the coming years, the reforms have the potential to eliminate billions of dollars in regulatory burdens.
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The official provided examples of reforms that are expected to have a significant economic impact, which include the Department of Commerce, with assistance from the Department of State, taking a series of steps to eliminate unnecessary barriers to exports, including duplicative and unnecessary regulatory requirements such as licensing restrictions on lower-risk exports. These steps will protect national security while reducing the cumulative burden and uncertainty faced by U.S. companies and their trading partners.
(See ITT's Online Archives or 05/31/11 news, 11053130, for BP summary of the White House posting the 30 preliminary plans for "21st century" regulations.)