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Let the Trump Deregulation Begin
The coming rollback will set the economy’s animal spirits free.
By Suzanne P. Clark, WSJ
Nov. 11, 2024 5:20 pm ET
On the campaign trail, Donald Trump promised the “most aggressive regulatory reduction” in U.S. history. His likely government efficiency czar, Elon Musk, said in October that “a bonfire of nonsense regulations would be epic.”
They will have a target-rich environment. The Biden administration has implemented new rules that will ultimately cost the economy a total of $1.4 trillion, according to a report by the American Action Forum. Business owners and leaders in every industry feel the pain of bureaucratic micromanagement. Consumers and employees experience it in the form of higher prices, lower wages and fewer jobs.
It’s why the U.S. Chamber of Commerce has battled the worst excesses of the Biden regulatory state. We secured a recent victory against the Federal Trade Commission’s ban on noncompete agreements, and we have lawsuits pending against the Securities and Exchange Commission’s climate disclosure rule, the Consumer Financial Protection Bureau’s credit-card late-fee rule and others. All this has felt like a game of Whac-A-Mole when what we need is sweeping and lasting change. The incoming administration is set to deliver it.
Before President Trump’s first term, the Congressional Review Act—which allows Congress to overturn recently issued agency regulations—had been used only once. While in office, Mr. Trump and the Republican Congress used it on 16 rules. This time, there will be more than 56 regulatory actions recent enough to be repealed.
Rules issued earlier will take longer to unwind, and may require a new rulemaking process. The Trump team was successful at this during its first term, but it will be harder this time given the sheer quantity of rules. The new administration will need to prioritize those that are hindering growth. We’ll be sharing a list soon.
Several recent Supreme Court rulings have reined in the regulatory state, most notably the 2024 decision overturning Chevron deference, which required federal courts to defer to agencies’ interpretations of ambiguous statutes. Taken together, we now have the biggest opportunity to cut regulatory red tape in more than 40 years.
Businesses and markets have every reason to be bullish on the coming rollback. Deregulation under the first Trump administration led to what JPMorgan CEO Jamie Dimon lauded as a reawakening of our economy’s “animal spirits.”
That will happen again when businesses no longer have to worry about new rules dropping at 4 p.m. on Friday. The new approach will boost businesses, workers and consumers alike, though the administration won’t get credit from everyone. At play in regulatory debates is a deeper philosophical question about the kind of economy America wants to have.
Some will cast the coming deregulation as an illegitimate power grab. It is the opposite. Deregulation rips economic power out of the hands of those who didn’t earn it and don’t know how to wield it. It gives power back to consumers, workers and business leaders.
Ms. Clark is president and CEO of the U.S. Chamber of Commerce.
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