(2) Rescind the Department of Labor’s overtime rule that looms over America’s employers and threatens job opportunities. This rule, which will come into effect in December, will force businesses to pay time-and-a-half to salaried employees who earn up to $47,476 a year. Instead of getting a raise, many employees will see their work terms changed or switched to hourly status as businesses scramble to avoid the sudden, budget-busting mandate. The new rule will affect around 5 million employees, many of whom work at universities, nonprofits or startups that rely on dedicated people working longer hours out of love for their job and mission.
(3) Encourage the sharing economy. Platform apps like Uber, Airbnb and Handy have allowed people to make up income shortfalls or earn extra cash by making better use of their cars, homes or skills. Unfortunately, regulators at the Department of Labor and elsewhere have been moving to restrict these opportunities, for example, by having Uber drivers declared employees of the app firm. That increases labor law liability and significantly reduces the number of those jobs available. The new president should call off the labor regulators and allow sharing economy firms to expand.
(4) Work with Congress to repeal Dodd-Frank’s notorious Durbin Amendment. It restricts fees banks can charge merchants for use of their debit card networks — which just meant banks passed on these extra costs in the form of higher annual fees, offered fewer free checking accounts, and ended debit card reward programs. By one count, these extra costs may have forced a million poor Americans to stop using bank accounts at all.
(5) Negotiate a free trade deal with Brexit Britain. The president-elect may look askance at trade with China and Mexico, but he has no such worries about Britain, one of America’s biggest mutual trading partners. And as luck would have it, Britain is now looking to conduct its own trade deals following its exit from the European Union. Mutually beneficial exchange of goods and services could easily generate billions of dollars of wealth on both sides of the Atlantic, instill market confidence, and help quell worries about a global trade war.
Trump could set these measures in motion very quickly, and hard-strapped Americans would start to see real change. We must begin to lift at least some of the $1.9 trillion burden regulation imposes on the economy every year. All Americans, whether they voted for Donald Trump or not, could get behind that.