President Obama, in his latest effort to patch frayed relations with businesses, signed an executive order Tuesday intended to "strike the right balance" between health, safety and environmental regulations and economic growth.
The president, in an op-ed piece in the Wall Street Journal, wrote that his order will prompt "a government-wide review of the rules already on the books to remove outdated regulations that stifle job creation and make our economy less competitive."
"It's a review that will help bring order to regulations that have become a patchwork of overlapping rules, the result of tinkering by administrations and legislators of both parties and the influence of special interests in Washington over decades," Obama wrote.
The business world has locked horns with the Obama administration over such legislation as health care and financial reform that the president signed into law last year. In his annual State of American Business address on Jan. 11, U.S. Chamber of Commerce President Tom Donohue targeted the "web of red tape" in health care, financial reform and energy regulation as holding back economic recovery.
After his Democratic Party suffered a big defeat in the November midterm election, losing control of the House, the president promised to improve his ties with business.FULL STORY