President Donald Trump, who opened his presidency with a promise to cut federal regulations by at least 75 percent, is engaged on an anti-regulatory crusade to benefit corporations and the wealthy at the expense of the working class, according to a fact sheet put out by the liberal Economic Policy Institute on Tuesday.

"While much has been said about the value and burden of regulations, they are merely an administrative tool aimed at achieving a policy goal that was legislated by Congress — such as safe workplaces, or secure retirement," explained Heidi Shierholz and Celine McNicholas in the Economic Policy Institute fact sheet. "Congress passes a law and, often, directs an agency to issue a regulation to implement the law."

Advertisement:

The fact sheet went on to explain how using the Congressional Review Act to undo labor regulations would primarily help businesses that wish to violate health and safety laws, employers who want to decrease their benefit take-ups, and/or the financial industry. It also pointed out that proposed legislation which would inhibit the modernization of regulations primarily benefits corporations, while President Trump's anti-regulatory actions hurt the working class, consumers, the environment, and the middle-class.

"Research on the relationship between employment and regulations generally find that regulations have a modestly positive or neutral effect on employment," the fact sheet pointed out, refuting the argument used by President Trump and Republicans that reducing regulations will create jobs.

The fact sheet concluded:

Advertisement: