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Trump expected to seek deep cuts in business regulations

Michael Corkery | The New York Times

The unwinding of Dodd-Frank. The firing up of shuttered coal plants. The rollback of rules that increase overtime pay for low-wage workers.

Hours after Donald J. Trump won the race for the White House, scores of regulations that have reshaped corporate America in the last eight years suddenly seemed vulnerable.

While many questions remain about how Trump will govern, a consensus emerged Wednesday in many circles in Washington and on Wall Street about at least one aspect of his impending presidency: Trump is likely to seek vast cuts in regulations across the banking, health care and energy industries.

“This is going to be a president who will be the biggest regulatory reformer since Ronald Reagan,” Stephen Moore, one of Trump’s economic advisors said in an interview on Wednesday. “There are just so many regulations that could be eased.”

Energy
with Coral Davenport, Clifford Krauss & Hiroko Tabuchi

In the energy industry, one of Trump’s first targets, according to Moore, is President Obama’s effort to limit carbon emissions at coal-fired utilities.

While some legal and procedural roadblocks would impede a complete dismemberment of Obama’s climate change regulations, a Trump administration could significantly weaken or slow them.

Trump could not immediately block EPA rules, but over the course of his administration he could ensure that they are weakened or rolled back. The rules are facing a legal challenge by 28 states and dozens of companies, and the case is expected to go before the Supreme Court as soon as next year. By appointing an industry-friendly Supreme Court justice and not arguing for the rules, Trump could weigh the court against them. He could also direct the EPA to rewrite the regulations to be far more lax.

Oil and natural gas executives are hopeful that Trump will deliver for them, too. They want a loosening of methane emission standards for existing oil wells and the opening of the long-delayed Keystone XL pipeline.

“I think he’s going to make a big difference,” said Darlene S. Wallace, president of Columbus Oil, an Oklahoma company. Full Story