Regulators to wipe out outdated rules

From CNN:

In a nod to Big Business, President Obama on Monday issued an executive order asking independent agencies to rid their books of old and outdated regulations.

The White House made a similar request earlier this year to agencies it oversees. The new order asks agencies that don’t answer to the White House to join in this call to cut red tape.

“We are taking immediate steps to eliminate millions of hours in annual paperwork burdens for large and small business and save more than a $1 billion in annual regulatory costs,” said Obama in a memo accompanying the order.

The order, which was delivered to independent agencies on Monday, signals the White House’s sensitivity to complaints lobbed by big business groups and Republicans — that bureaucratic red tape and new rules are putting a crunch on job creation.

These groups are especially complaining about rules implementing expanded health care coverage, Wall Street reform and improved air quality standards.