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Obama administration to eliminate hundreds of regulations

Changes will save businesses roughly $10 billion

Today the White House will announce final plans to eliminate or scale back hundreds of regulations on businesses. The changes reflect the Obama administration’s efforts to be sympathetic to the concerns of businesses.

The reduction in regulations will save businesses about $10 billion over a five-year period and reduce burdensome red tape. The Wall Street Journal reports that some of the changes include hospitals not having to fill out as much federal paperwork and railroad cars not having to install pricey technology.

Still, the regulatory cutbacks don’t include contentious environmental initiatives, such as carbon-emission reduction or new consumer-protection laws in the financial and health industries. Additionally, some business leaders were hoping for more regulatory reform. Bill Kovacs, senior vice president at the U.S. Chamber of Commerce, told the Wall Street Journal that the reform “doesn’t make any impact on the overall regulatory burdens that exist on the business community.”

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