We welcome President Obama’s intention to issue an executive order today restoring balance to government regulations.

While a positive first step, a robust and globally competitive economy requires fundamental reform of our broken regulatory system. Congress should reclaim some of the authority it has delegated to the agencies and implement effective checks and balances on agency power.

It also means repealing or replacing outdated or ineffective regulations, ensuring realistic cost-benefit analyses using quality data. No major rule or regulation should be exempted from the review, including the recently enacted health care and financial reform laws.

The Chamber shares the president’s view that we should ‘root out regulations that conflict, that are not worth the cost, or that are just plain dumb.’ And the Chamber will work with the White House, Congress, and the federal agencies to advance common sense regulatory reform measures.