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Donald Trump has pledged to speed up regulatory approvals for investors spending $1 billion or more in the United States, a sign that he will address one of developers' thorniest complaints when he takes office next month.
The president-elect made the show on Truth Social on Tuesday, reflecting on his plan to stimulate more domestic investment through deregulation rather than the tax breaks and subsidies that were the preferred approach under President Joe Biden.
“Any person or company investing a billion dollars, or more, in the United States of America will receive fully expedited approvals and permits, including, but not limited to, all environmental approvals. Get ready to rock!!!” books On his social media platform.
Trump It did not provide any details on what regulatory approvals would be granted or how the $1 billion investment limit would be implemented. But the proposal comes on top of his campaign pledge to reduce the corporate tax rate from 21 percent to 15 percent for companies investing in the country – another big bid to boost domestic manufacturing.
“This is great,” Elon Musk, the billionaire tech executive and a major cheerleader and business ally of Trump, wrote on X in response to the $1 billion permit proposal. Trump instructed Musk to reduce federal spending.
Allowing reform enjoys widespread support on both sides of the political spectrum in the United States. It also has the support of clean energy advocates – who see it as essential to implementing the large projects needed to accelerate the transition from polluting fossil fuels – and Oil and gas developerswho say permitting rules have slowed the construction of pipelines and other infrastructure.
Trump also pledged to reduce regulations designed to limit emissions from the oil sector, in an attempt to encourage more drilling.
Conservationists argue that permits and other environmental rules are necessary to preserve natural landscapes and maintain clean air and water.
The minimum to allow relief, $1 billion, can be controversial because it excludes investments below that limit, meaning small and medium-sized enterprises will not benefit.
Trump's post came as he pledged to implement other policies – such as sweeping policies Definitions Up to 20 percent on all imports, and a rollback of tax breaks on clean energy — which threaten to hurt investment in U.S. manufacturing and reignite inflation in the world's largest economy.
Throughout Biden's presidency, some US officials and lawmakers have been concerned that regulatory hurdles are hampering the implementation of his industrial policy, including infrastructure, clean energy and power. Semiconductors Manufacturing projects.
Developers of interstate transmission lines — considered crucial in efforts to electrify the energy sector and support more battery-powered cars — have also complained that permitting rules have hindered construction.
A legislative compromise between Joe Manchin, a Democrat from West Virginia, and John Barrasso, a Republican from Wyoming, to speed up the permitting process failed to pass Congress.
The Biden administration has taken some steps Executive action to try to speed up some regulatory approvals earlier this year — but what developers consider burdensome environmental assessments, as well as a host of rules set by state and federal agencies, remain in place.
