President-elect Donald TrumpDonald TrumpTrump takes shot at new GOP candidate in Ohio over Cleveland nickname GOP political operatives indicted over illegal campaign contribution from Russian national in 2016 On The Money — Dems dare GOP to vote for shutdown, default MORE’s regulatory policy is music to the ears of manufacturers.
After eight years of opposing the Obama administration's labor and environmental regulations, the National Association of Manufacturers (NAM) is welcoming Trump with open arms.
“Trump has asserted that regulatory reform is a ‘cornerstone of the Trump Administration’ and that his team will be ‘committed to regulatory reform that will produce sensible regulations that allow America to be great,’” NAM said Monday in a new report. “This is music to manufacturers’ ears.”
Spending by federal regulators has tripled since 1980, according to the group, rising to more than $50 billion in 2015.
The cost of these regulations on the economy is enormous, the group says.
One of the most controversial rules is the Environmental Protection Agency’s (EPA) ozone standards, which NAM has labeled “the most expensive regulation” ever. When all is said and done, the group expects this rule will cost businesses more than $1 trillion in compliance costs.
But it is far from the only controversial rule under the Obama administration.
NAM pointed to 637 major rules the Obama administration has issued, a figure that was calculated before the recent elections and is probably higher. That comes out to one major rule every four and a half days, the group said.
“Regulators must be held accountable with improved oversight to improve the quality of the regulations they issue,” NAM said.