President Donald Trump signed an executive order Monday designed to fulfill his campaign pledge to reduce red tape for businesses - a move Louisiana's main business group said will reverse a regulatory system that has been steadily growing out of control in recent years.
''This type of action is long overdue,'' Stephen Waguespack, president and CEO of the Louisiana Association of Business and Industry, said in a statement Monday.
As the official state chapter for the U.S. Chamber of Commerce and the National Association of Manufacturers, LABI said it is in full support of the order.
Trump's two-page order requires that when a federal agency proposes new regulations, ''it shall identify at least two existing regulations to be repealed.''
LABI also noted that the order sets a $0 budget for new regulations in 2017 and places a cap on the cost of any new regulations going forward. The order seeks to standardize the implementation and management of theregulatory process, LABI said.
''The simple fact is that employers on a daily basis face stringent regulations and mandates from Washington D.C. that severely hinder their ability to compete in the market,'' Waguespack said. ''This new policy will hopefully begin to bring some sanity back to federal agencies and lead to a less onerous environment for Louisiana job creators.''
''We want to make the life easier for small businesses'' and big business, Trump said Monday from the Roosevelt Roomof the White House, where he met with nine representatives of the small-business sector.
Trump said he hoped to see ''up to 75 percent'' of federal regulations eliminated during his presidency.
''Regulation has been horrible for big business, but it's been worse for small business,'' Trump said.
''Less bureaucracy tying the hands of employers will be beneficial for all levels of the workforce. This is the first step to moving our economy forward,'' Waguespack said.
Trump also reiterated his promise to gut the Dodd-Frank Act, the financial regulatory overhaul that was passed after the financial crisis.
''Dodd-Frank is a disaster,'' he said. ''We're going to be doing a big number on Dodd-Frank.''
Consumer advocates who backed the law say that eliminating it would help Wall Street and other players in the financial sector at the expense of consumers.Noah Bierman of the Tribune Washington Bureau contributed to this report.