CEOs Present Trump with Regulation Hit List

Rules around overtime penalties, environmental management and executive pay ratio disclosure are among those in the firing line.

GettyImages-55974677-compressorIn light of Donald Trump’s pledge to get rid of two regulations for every new one created, American CEOs have drawn up a list of the ones they dislike most to help him get started.

Based on a survey of around 200 CEO members of peer group Business Roundtable, the list mentions 16 regulations in total, ranging from Obama’s overtime rules to strictures on ozone gas emissions.

“The majority of these regulations directly and negatively impact economic growth,” the group’s CEO, Mark Costa, wrote in a letter to senior White House officials.

The overtime rules, currently held up in the courts, would double to $47,500 the maximum salary that millions of workers could earn while still being eligible for mandatory overtime pay. “The regulations affect longstanding employment models and impose additional costs that would hurt employers’ ability to hire more workers,” the letter said.

“While some of the listed regulations, in isolation, may not appear significant to growth, their cumulative effect has drained resources from innovation and job creation and directed them to non-value-adding administrative and bureaucratic activities.

Also targeted were new pay-ratio disclosure rules that force companies to publish the difference between the pay packets of CEOs and rank-and-file employees. Critics argue they don’t paint an accurate picture because bankers, for example, are paid much more than shop assistants, meaning their pay ratio would look much bigger, even if they were paid much less.

Some other notable inclusions in the list were the Clean Power Act, which prevents new coal-fired power stations from being built unless they come equipped with expensive carbon capture and storage technology. “Currently blocked by the federal judiciary, the Act should be re-crafted to address concerns about EPA overreach infringing on state authority, while providing maximum flexibility for compliance,” the letter said.

Some of the more obscure requests included rolling back laws that tightened ambient air quality standards for ground-level ozone, which the CEOs claimed hampered economic growth in vast sections of the country. They also want regulations scratched that increased employee healthcare reporting requirements, treat certain types of debt as equity and allow small shareholders to more easily target directors at annual meetings.

“While some of the listed regulations, in isolation, may not appear significant to growth, their cumulative effect has drained resources from innovation and job creation and directed them to non-value-adding administrative and bureaucratic activities,” Costa said.

The full list can be viewed here.

Editor’s note: In the cover story of the March/April issue of Chief Executive magazine, we take a deeper dive into this very issue. This must-read story will hit CEOs’ inboxes by March 5th. If you do not currently subscribe to Chief Executive magazine, click here to subscribe. 


MORE LIKE THIS

  • Get the CEO Briefing

    Sign up today to get weekly access to the latest issues affecting CEOs in every industry
  • upcoming events

    Roundtable

    Strategic Planning Workshop

    1:00 - 5:00 pm

    Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process

    Executives expressed frustration with their current strategic planning process. Issues include:

    1. Lack of systematic approach (70%)
    2. Laundry lists without prioritization (68%)
    3. Decisions based on personalities rather than facts and information (65%)

     

    Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns.  They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning.  Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process.  This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented.  If you are ready for a Strategic Planning tune-up, select this workshop in your registration form.  The additional fee of $695 will be added to your total.

    To sign up, select this option in your registration form. Additional fee of $695 will be added to your total.

    New York, NY: ​​​Chief Executive's Corporate Citizenship Awards 2017

    Women in Leadership Seminar and Peer Discussion

    2:00 - 5:00 pm

    Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations. 

    Limited space available.

    To sign up, select this option in your registration form. Additional fee of $495 will be added to your total.

    Golf Outing

    10:30 - 5:00 pm
    General’s Retreat at Hermitage Golf Course
    Sponsored by UBS

    General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.

    The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.

    To sign up, select this option in your registration form. Additional fee of $295 will be added to your total.