President-elect Donald Trump has a chance to repeal over a billion dollars in Dodd-Frank regulations upon taking office.
Trump has a unique opportunity, with a unified Republican Congress, to use the Congressional Review Act (CRA) to hastily repeal costly regulations imposed by the Obama Administration. There are currently as many as 48 rules the incoming Trump Administration could undo with the CRA, American Action Forum finds.
Of those 48 regulations, there are nine rules imposed during the CRA’s carryover period that would allow Trump and Congress an opportunity to quickly rescind parts of Dodd-Frank. The carryover period allows Congress and the president to repeal regulations imposed within the last 60 session or legislative days of Congress.
In total, these nine rules impose a combined $1.7 billion in regulatory costs and 1.2 million paperwork hours.
The largest of the nine regulations is the Securities and Exchange Commission’s (SEC) Resource Extraction Rule, which imposes $1.29 billion in regulatory costs on businesses. The impending rule would require that any “resource extraction issuer,” to disclose information relating to any payment by the issuer, a subsidiary of the issuer, or any entity the issuer owns to a foreign government or federal government for the purpose of commercial development of oil, natural gas, or minerals.
Dodd-Frank has already cost job-creators more than $36 billion, in conjunction with 74 million hours of paperwork annually.
Trump’s transition team has promised to “dismantle” the 2,300 page Dodd-Frank Wall Street Reform And Consumer Protection Act, and the nine rules could be the first step in fulfilling that promise.