|
 |
 |
|
Obama defends need for federal rules in inauguration speech
In a nod to the ongoing debate over federal regulations, President Obama on Monday defended them as vital to the economy.
Republicans criticized the Obama administration's regulatory policy throughout the president's first term, saying a cavalcade of onerous rules promulgated by federal agencies has increased the cost of doing business in America, stifled hiring and stunted economic growth. Many of the most controversial rules proposed by the administration — including those required by the Affordable Care Act and the Dodd-Frank Wall Street reform legislation — are still in the pipeline.
But Obama, near the start of his address, said history has shown that government has a responsibility to step in and level the economic playing field.
"Together, we discovered that a free market only thrives when there are rules to ensure competition and fair play," he said before a crowd of hundreds of thousands gathered on the National Mall.
"Progress does not compel us to settle centuries-long debates about the role of government for all time, but it
does require us to act in our time," he said.
