- The U.S. Chamber of Commerce said it’s preparing to beat back some of the “burdensome” regulations on business that the Obama administration enacted. The organization also said it will aggressively support measures to “reform” and “modernize” the regulatory system.
- The chamber expects President-elect Donald Trump to override President Barack Obama’s executive orders with his own. Overturning some regulations will require more complicated procedures, it added. The chamber is already meeting with members of Trump’s transition team to prioritize the regulatory issues it wants to undo.
- High on its priority list is the Labor Department’s fiduciary rule. The chamber wants an immediate repeal of the regulation. The chamber also targeted the Environmental Protection Agency’s Waters of the U.S. rule, which it says places “unnecessary restrictions” on land use across the country.
The chamber is the voice of business in the U.S. Expressing support of Trump as he nominates prominent business leaders to leadership positions is no surprise. Expect the powerful-D.C.-based organization to come out in full force to push pro-business legislation in the Republican-led House and Senate.
The fiduciary rule, facing particular ire, may be most at threat from Trump's allies, as many companies have expressed concern about meeting the new regulation. How many regulations Trump, GOP lawmakers and the chamber will be able to overturn immediately is unknown. But pro-business factions will be ready for regulatory reforms by Inauguration Day on Jan. 20.