“The deconstruction of the administrative state,” is how U.S. President Donald Trump’s chief strategist Stephen K. Bannon characterized the Trump administration’s assertive efforts at deregulation.
The transition from the Obama administration, one of stringent regulation, to very much the reverse in the Trump administration, is one of the most significant shifts in regulatory policy in decades — and dozens of rules could see elimination in the weeks to come.
Absent from the Trump administrative regulatory policy is punishment for too-big-to-fail Wall Street banks, such as Goldman Sachs and JPMorgan Chase, for failing — or declining — to collect additional money from customers in an effort to cover potential losses resulting from permitted high-risk trades. These types of trades are what largely spawned the financial crisis of 2008.
Telecommunication giants, like Verizon and AT&T, will not need to take “reasonable measures” to protect Social Security numbers, Internet browser history and other personal information of their customers from theft or accidental release.
Meanwhile, these adjustments to loosen the industries of banking, firearms and telecommunications are merely a handful of the over 90 regulations that the Republican-controlled Congress and federal agencies have delayed, suspended or reversed in under 50 days since President Trump’s inauguration. A New York Times tally has kept track of these deregulatory actions.
Many of these changes followed the eager appeals of corporate lobbyists and trade association executives. Essentially, these groups believe that deregulation will help grow the economy through the lowering of compliance costs, and therefore, increased profit.
In fact, representatives who feel their respective industries are too tightly regulated are applying for specific rollbacks from the Trump administration. For example, 17 automakers have requested the repeal of an agreement to increase mileage standards for their automobiles.
Stephanie Casella is a writer based just outside of New York City. She generally writes on politics, news, and culture, but occasionally delves into social issues, travel, science, food, and lifestyle.