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Obama releases plan to cut US trade red tape

Published by Steve Coleman on January 13, 2012

US President Barack Obama has come through with a plan to follow up on promises to sweep aside government red tape.

If the plan can receive congressional approval, six major federal departments and agencies focusing on business and trade would be merged into a single new group.

The plan would include: the US Department of Commerce's core business and trade functions, the Small Business Administration, the Office of the U.S. Trade Representative, the Export-Import Bank, the Overseas Private Investment Corporation and the U.S. Trade and Development Agency.

Currently, businesses have to wind their way through a maze of overlapping regulations and competing bureaucracy. Obama says he's hoping to eliminate redundancies, cut waste and eliminate duplication.

Between 1932 and 1984 US Presidents didn't have to go to Congress for seek approval for government restructuring projects.

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