Obama says he’s identified business regulations for elimination

President Barack Obama said his administration will propose in the next few weeks eliminating a package of federal rules and regulations to cut the burden on U.S. businesses.

Cutting unnecessary regulations will help small businesses particularly and demonstrates the government is responding to their concerns, Obama said at a town hall-style event in Washington taped yesterday for CBS News.
“There are some legitimate complaints about regulations,” the president said in response to a question from an audience member. “We’ve got to do more on simplification, reducing paperwork.”

Obama didn’t disclose how many regulations might be eliminated or what areas of the economy may be affected. He cited only one example: reducing the amount of paperwork on loans arranged through the Small Business Administration.

Obama in January ordered a review aimed at removing or overhauling regulations that stifle economic expansion without helping consumers. The rules were targeted after consultations with groups such as the Business Roundtable and the U.S. Chamber of Commerce, he said.

The event was recorded yesterday and a portion was set for broadcast this morning on CBS’s “The Early Show.”
Obama also said “the biggest headwind” facing the economy is the still-depressed housing market, with foreclosures unabated and many homeowners finding that their mortgage is higher than the value of their home.
‘More Work to Do’

“We’ve got more work to do” in helping struggling homeowners stay in their homes, he said. The president said the White House is consulting with Congress on further steps to strengthen a U.S.-backed home mortgage modification program to reach more people.

Obama said banks that benefited from federal bailouts during the recession need to offer more help. The message to banks, he said, is “you’ve got to be there for the American people when they’re having a tough time.”

There were 2.2 million homes in foreclosure in March, up 1.4 percent from a month earlier, Lender Processing Services Inc. in Jacksonville, Florida, said last month. Almost 587,000 homeowners have permanently lowered their mortgage payments since the Home Affordable Modification Program, or HAMP, began in November 2009, according to the Treasury Department.

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