FIRST ON FOX: Seeking to tackle persistent cost pressures on American families and small firms, the Small Business Administration (SBA) is unveiling a new initiative that will review and roll back federal rules the administration says have driven up prices in sectors ranging from housing to food production.
The Deregulation Strike Force, led by the SBA’s Office of Advocacy, will coordinate a government-wide review aimed at identifying regulations that hinder economic growth.
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Trump administration officials say the effort is intended to eliminate what they describe as excessive Biden-era regulations that have imposed an estimated $6 trillion in cumulative compliance costs on American families and small businesses.
"Bidenomics brought historic new highs in inflation that crushed working families and small businesses, driven in part by the massive bureaucracy that heaped trillions in new federal regulations onto the backs of hardworking Americans," SBA Administrator Kelly Loeffler wrote in a statement.
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"Through our Deregulation Strike Force, SBA is leveraging its unique authority to deregulate across the federal government and cut senseless red tape that drove up costs for small businesses and consumers, especially in industries hit hardest by Bidenflation," Loeffler said, adding that the initiative will build on President Trump’s push to reduce costs across the country.
Citing what it describes as four years of excessive regulatory overreach, the SBA said its strike force will target cuts across key small-business sectors, including housing and construction, healthcare, agriculture and food production, energy and utilities, transportation and other goods and services across the supply chain.
They also argue the latest deregulation campaign reinforces President Donald Trump's economic message heading into the new year, positioning regulatory relief as a central tool for tackling high prices.
The SBA said it has already played a key role in eliminating an estimated $98.9 billion in federal regulations since Trump's return to office.
Some of these actions include changes to reporting rules, energy-efficiency standards and diesel exhaust fluid requirements, which the agency says have contributed to nearly $200 billion in total regulatory savings.
Source: Fox News - Politics
