President Barack Obama plans a government-wide review of federal regulations, aiming to eliminate rules that stymie economic growth.
In an article published in the opinion pages of The Wall Street Journal, Mr. Obama said he intends to issue an executive order initiating a review to "make sure we avoid excessive, inconsistent and redundant regulation," focusing on rules that "stifle job creation and make our economy less competitive." He also suggested future regulations must do their job "while promoting economic growth."
The move is the latest effort by the White House to repair relations with corporate America, hoping to spur investment by the nation's largest multinationals and reduce unemployment.
Business leaders say an explosion in new regulations stemming from the president's health-care and financial regulatory overhauls has, along with the sluggish economy, made them reluctant to spend on expanding and hiring. Companies are sitting on nearly $2 trillion in cash and liquid assets, the most since World War II.
Read the complete Wall Street Journal story, "Obama Launches Rule Review, Pledging to Spur Jobs, Growth."
Read Obama's article, "Toward a 21st-Century Regulatory System," from the opinion pages of the Wall Street Journal.