One of the promises President Trump campaigned with was to cut regulations, especially those affecting businesses. On January 30, 2017 Trump signed an executive order stating that for every new regulation proposed, two would be identified for repeal. Here’s how that order might manifest itself in the business world.
Repealing a regulation is not a timely process. Working to repeal a regulation takes about a year, since it has to go through the same process a new regulation goes through. While Congress can repeal regulations made within 60 days of the last congressional session, even that doesn’t happen quickly. So, while two regulations may be repealed for every single one enacted, it’s not likely that very many will be repealed by the end of Trump’s first term. Tweet This For now, business owners shouldn’t make immediate plans for their business around the new executive order; it will still be a while before we see any of the actual impacts.
While waiting for to see which regulations might be proposed and which might be repealed, be proactive:
- The Proactive Small Business Owner Series: The Affordable Care Act
- The Proactive Small Business Owner: Securing a Loan
- The Proactive Small Business Owner Series: Navigating Your Taxes and Regulations
Photo Credit: anna2002, Twenty20