Trump’s Plan To Cut Regulations Will Face A Surprising Foe (But not surprising to us)

It’s probably not surprising to regular readers of this website either.

Big business LOVES government. It in many respects LOVES regulations. Whose lobbyists do you think write the regulations?

Regs often game the system toward the connected and entrenched. A Federal subsidy here. A new regulation that shuts out up and coming companies and technology there.

Cutting regulations is good for the economy. It’s good for small and medium sized businesses. It isn’t always so good for the behemoths that have teams of people working the politicians on Capitol Hill. This is one of the great truths that is so often conveniently forgotten by advocates of the regulatory state.

(From IBD)

What critics of deregulation¬†fail to mention, however, is that it is greedy corporations that are likely to be one of Trump’s biggest opponents when it comes to dismantling, or even taming, the federal government’s massively complex and enormously expensive regulatory state.

Soon after Trump was elected, for example, more than 350 companies signed a letter urging him not to abandon the Paris climate change agreement that President Obama had signed onto. “Failure to build a low-carbon economy puts American prosperity at risk,” the letter said.

Among those companies signing it were household names like General Mills (GIS), Kellogg (K), DuPont (DD), eBay (EBAY), Starbucks (SBUX), Staples (SPLS), Nike (NKE) and Intel (INTC).

Trump’s effort to fix Dodd-Frank won’t get much support from the banking industry, either.

Click here for the article.