Nail Cavuto discusses if the Senate’s proposed $251 billion aid package for small businesses is enough and how jobless claims are impacting the market

Get the latest news on coronavirus and more delivered daily to your inbox. Sign up here.

Conservative organization Club for Growth is calling on Congress and President Trump to temporarily roll back federal regulations that impose costs on businesses as a strategy to help the U.S. economy recover from the coronavirus crisis that has left businesses shuttered and millions without jobs.

Club for Growth advocates a two-pronged approach in its proposal released on Wednesday, which would see Trump issue an executive order suspending penalties for businesses that fail to meet regulatory standards despite making an effort to follow them. The group would also have Congress pass a bill giving the president the authority “to suspend or reduce Federal regulations and paperwork requirements.”

“By reducing unnecessary paperwork, permitting requirements, and other regulations that add costs or slow economic growth and job creation,” the Club for Growth proposal says, “the Congress and Administrative agencies can greatly accelerate the recovery, allowing businesses to create more jobs, and restore full employment rates.”

CORONAVIRUS: WHAT TO KNOW

GAS HITS $1.89 NATIONWIDE AVERAGE, BUT YOU CAN GET IT FOR 79 CENTS IN ONE STATE

The group claims that in 2019, federal regulations cost the economy $1.9 trillion, hitting small businesses with a price tag of more than $15,000 per employee.

Specifically, the group asks that Congress permit the president to “suspend all regulations when doing so reduces costs, assists in economic recovery or increases private sector opportunities in the U.S.,” a broad mandate that would give Trump essentially free reign to stop the enforcement of a wide variety of regulations.

The proposal would also set up procedural hurdles to reinstating any suspended regulations that could make such rollbacks nearly permanent and make new federal regulations much harder to put into place.

STOCKS SURGE AS FED ROLLS OUT $2.3T LENDING PROGRAM

It says that “Congress should include in the legislation procedures for reinstating suspended regulations and any subsequent regulations that impose net costs on the economy,” including “APA (Administrative Procedures Act) notice and comment, as well as approval by Act of Congress signed by the President.”

This would represent a significant change in how federal rules are made by administrative agencies, bringing Congress and the president officially into the loop in procedures that usually are left to bureaucrats in federal agencies given power to make their own rules consistent with guidance provided in legislation. It would also be very difficult to get past the Democrat-controlled House of Representatives.

The Club for Growth further asks that Congress reduce the burdens of permitting new infrastructure projects, including by “removing some environmental review requirements.”

This, the group says, would allow “new infrastructure projects to pay competitive, market-set wages so that they can employ the maximum number of people.”

Members of Congress and Trump have both telegraphed an interest in including significant infrastructure investments in a “phase four” coronavirus relief bill to be passed once the House and Senate reconvene after April 20.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Biden and Trump all tied up in Texas: poll

The 2020 battle between President Trump and Joe Biden heats up against backdrop of violent nationwide protests; reaction on ‘The Five.’ It’s been nearly half a century since a Democratic presidential candidate carried Texas. You have to go all the…

Russian embassy to offer all possible assistance to Russian national detained in Spain

MOSCOW, February 21. /TASS/. Russia’s embassy in Spain will offer all possible assistance to Russian national Olesya Krasilova who was detained in that country in mid-February, the Russian Foreign Ministry said on Friday. “According to unofficial information we have, Krasilova’s…

Federal government wants to restore regional flights by subsidizing airlines

The federal government is finalizing a plan to re-establish flights to regional airports across the country by subsidizing airlines, CBC News has learned. The final details are still being worked out, but Economic Development Minister Mélanie Joly said the idea is for federal departments…

Scheer finds place among Conservatives’ new Opposition critics

Conservative Leader Erin O’Toole continued Tuesday to reshape his party’s presence in the House of Commons ahead of Parliament’s return later this month. The list of who will sit on the Opposition front benches as the critics for the Liberal…