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Obama administration seeks $10B in savings for businesses by scrapping many gov't regulations
VINEYARD HAVEN, Mass. (AP) ' The White House is revealing plans to save businesses $10 billion by scrapping hundreds of government regulations found to be outdated, unfair or unnecessary.
Administration officials say the savings will be realized over a five-year period. The plan was described Tuesday by Cass Sunstein, administrator of the White House Office of Information and Regulatory Affairs, in a column in the Wall Street Journal in advance of a formal announcement as President Barack Obama vacations at Martha's Vineyard, Mass.
After last year's election setback, Obama launched a concerted outreach to the business community, vowing to scrutinize federal regulations that companies consider to be an excessive burden. He at the time his goal was to scrap "dumb" rules without weakening ones that are needed to protect consumers and the environment.