Shortly after his inauguration, President Trump announced that for every new rule his administration proposed, two existing rules should be eliminated, in an effort to cut back on many of the burdensome regulations put in place by the Obama administration.
After the president gave an order in February for all federal agencies to review the regulations within their departments and make recommendations on changes that can be made, they have been doing just that, along with requesting input from the public that can be used to help revise and streamline existing regulations.
According to a report Tuesday by The Hill, the following are five rules that the Trump administration is taking a serious look at changing:
Overtime rule: Obama’s rule increasing overtime pay was set to go into effect in December 2016, but has been challenged in court, as at least 21 states and many business groups have opposed it.
The rule would raise the standard for overtime pay from $23,660 to $47,476 a year – which the Labor Department has said would be a “shock to the system.”
Financial adviser rule: A rule from the Obama administration imposing more restrictions on investment advisers is also being challenged, as critics have stated it will increase costs, making it more difficult for many Americans to hire financial advisers.
The Labor Department has requested comments from the public.
For-profit college rules: A rule implemented in 2015 within the Department of Education was intended to make sure technical colleges are actually helping students be prepared for good jobs within their field of study.
The rule requires a graduate’s annual loan payment to be no more than 20 percent of his or her income, or 8 percent of his or her total average earnings. If the school does not comply, it cannot participate in federal aid programs.
The rule has been challenged and public hearings are scheduled next week to discuss it.
Student borrower rule: A rule intended to protect student borrowers that was supposed to take effect July 1 has been delayed, while a committee has been created to revise the rule.
Beryllium rule: A workplace rule from the Obama administration was intended to protect workers from exposure to a toxic material that can cause a deadly lung disease, further limiting the exposure to the amount of beryllium in the air over an eight-hour period.
The Labor Department requested last week that shipbuilding and construction industries be exempt from the rule, and has sought public comment on whether existing standards are already providing adequate protection.
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