White House: Regulatory reform could save billions

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White House: Regulatory reform could save billions
WASHINGTON (MarketWatch) - Regulatory reforms already put in place or set to take effect could save U.S. businesses up to $14 billion over five years, a top Obama administration advisor said Tuesday. Cass Sunstein, who is the White House point man on regulations, said the reforms are part of a broad attempt to cut costs for business and help them create new jobs. Sunstein said it's unclear how many new jobs could be created. The White House has pushed regulatory reform in recent months as Obama searches for ways to boost growth and pull down the nation's 9.1% unemployment rate as his poll numbers fall ahead of the 2012 election. Businesspeople, however, say a blizzard of new federal regulations in areas such as health care, finance and the environment outweigh efforts by the White House to cut red tape. Some blame the lack of job creation partly on excessive regulation.