US President Donald Trump today signed executive orders on reducing regulatory burdens on small businesses. “The small business is a big part of American economic success although lately there hasn’t been too much success because we’re having our products made everywhere in the world so much, but we’re bringing that all back. It’s coming back, it’s coming back fast,” Trump told reporters as he signed the executive order on small businesses.
There are more than 28 million small businesses in the country.
“Small business is really our biggest business,” he said, adding that he wants to make life easier for these small-business owners. “Last week, we had the big businesses, this week coming we have the really, really big businesses set up by Steve Schwarzman, great Wall Street person, man who’s done a great job. We have some of the — we have the greatest businesses there set up and that’s happening very soon,” he said.
“The small business, we are going to simplify, reduce, eliminate regulations. We’re doing that for big business too, by the way. Can’t be any discrimination, right?,” he said. Trump said small-business owners can spend more time and money finding and responding to customers and expanding markets.
They have more money and more opportunities to higher more employees. “So essentially, we’re getting rid of regulations to a massive extent. Could be as much as 75 per cent, could be even slightly more than that. We’re gonna have great protection for the consumer. We have to. But we don’t need 97 different rules to take care of one element. Their individual economic success will support American success,” he said.
“We want to end the unfairness between small and big business caused by regulation, regulation that’s actually been horrible for big business but has been worse for small business. Plus, small business can’t hire the kind of talent that the big businesses can hire, so it’s really very unfair,” Trump said. Small business he said has been treated very, very badly.
“It’s almost impossible now to start a small business and it’s virtually impossible to expand your existing business because of regulations and because the banks don’t loan you money,” he told the small gathering on small business leaders.