At 12:01 p.m. on January 20, 2017, federal regulatory policy dramatically shifted from the unparalleled expansion of the Obama Administration to a reform agenda under President Donald Trump. During the Obama years, the nation’s regulatory burden increased by more than $122 billion annually as a result of 284 new “major” rules (roughly defined as those costing the private sector at least $100 million per year). The Trump Administration, in its first six months, launched a multifaceted reform agenda.
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With a divided Congress, policymakers in both chambers have suggested an infrastructure package as an area of potential bipartisanship. If past is prologue, this should worry American taxpayers. The last $305 billion infrastructure bill signed into law by President Barack Obama in 2015 was fiscally irresponsible and failed to include any meaningful reforms to government-imposed barriers to infrastructure investment.
On February 12, 2018, the Trump Administration unveiled a $1.5 trillion initiative to repair the nation’s roads, bridges, airports, and railways. The first step should be to reduce the regulatory barriers that impede infrastructure projects and vastly inflate their costs. Any new infrastructure funding should be conditional on meaningful regulatory reform starting with repeal of the National Environmental Policy Act (NEPA) of 1969.
The growing backlash against ESG investing has become a material risk for the profits of asset managers and private equity firms active in that sort of investing