Obama Orders Review of Rules Affecting Economy

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President Barack Obama ordered a review of federal regulations this week in an effort to get rid of rules that may be stifling job growth and creation.

Obama said his executive order would "strike the right balance" between economic growth and regulations protecting the environment and public health and safety.

U.S. Chamber of Commerce president Thomas Donohue called the move a "positive first step."

"A robust and globally competitive economy requires fundamental reform of our broken regulatory system," he said.

CBN News spoke with Phil Kerpen, vice president of policy for Americans for Prosperity, about the executive order and how regulations are affecting economic growth.  Click play for his comments.

Some Republicans and business groups have complained that new regulations carrying out the health care and financial overhauls are hurting the economy.

House Majority Leader Eric Cantor, R-Va., said Obama's executive order, "Shows that he heard the same message I did in the last election - that Americans are sick and tired of Washington's excessive overreach and overspending."

"While I applaud his efforts, we must go further," Cantor added, proposing aggressive steps to weed out "needless and burdensome" regulations.

Agencies have three months to submit a plan for how they intend to review existing regulations.

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