Despite the Republican rhetoric at this morning’s debate, President Obama has taken smart steps to reduce regulatory costs and burdens on businesses - including eliminating unnecessary regulations - while passing reforms that protect American consumers from deceptive lending practices, stop credit card companies from unfairly raising rates and force the big banks to play by rules.

REALITY: PRESIDENT OBAMA HAS CHANGED THE REGULATORY CULTURE IN WASHINGTON TO REDUCE REGULATORY COSTS AND BURDENS

The Bush Administration Imposed More Regulatory Costs In Its Final Two Years Than The Obama Administration Imposed In First Two Years. [The Hill, 8/26/11]

President Obama Signed A Landmark Executive Order Requiring Agencies To Develop Tools To Eliminate Regulations That Are Ineffective Or Burdensome. [GPO.gov, 1/21/11]

President Obama Issued A Memorandum Directing Agencies To Ensure They Do Not Place Unjustified Burdens On Small Business Owners. [WhiteHouse.gov, 1/18/11]

The Obama Administration Issued A Memorandum Directing Agencies To Provide Taxpayers With Easier And More Comprehensive Access To Regulatory Information. [EOP Memorandum, 4/7/10]

The Obama Administration Has, For The First Time Ever, Required Agencies To Engage With Members Of The Public Affected By A Potential Regulation Before They Issue A Notice Of Proposal. [Senate Hearing On Federal Regulation, 6/23/11]

Bloomberg Found That The Obama Administration Had Approved Fewer Regulations Than The Second Bush Administration Through The First 33 Months Of Each Administration’s Tenure. [Bloomberg, 10/26/11]

REALITY: THE OBAMA ADMINISTRATION HAS ELIMINATED UNNECESSARY REGULATORY BURDENS

President Obama Initiated An Overhaul Of The Regulatory System Which Will Roll Back Hundreds Of Burdensome Regulations, Saving Businesses More Than $10 Billion In The Next Five Years. [Politico, 8/23/11]

During The Obama Administration, Tens Of Millions Of Hours In Paperwork Related To Regulations Have Been Eliminated, Saving Businesses Hundreds Of Millions In Related Costs. [Senate Hearing On Federal Regulation, 6/23/11]

Under President Obama, The IRS Has Made Changes That Will Save Taxpayers 55 Million Annual Hours In Tax Reporting And Paperwork Burdens. [Senate Hearing On Federal Regulation, 6/23/11]

The Obama Administration Removed An EPA Regulation Defining Milk As An “Oil” Which Will Save The Dairy Industry $1.4 Billion In The Next Decade. [ORIA Speech, 5/26/11]

The Obama Administration Removed Over 1.9 Million Annual Hours Of Redundant Reporting Burdens On Employers, Which Will Save Businesses $40 Million In Annual Costs. [Senate Hearing On Federal Regulation, 6/23/11]

REALITY: THE OBAMA ADMINISTRATION HAS FILLED REGULATORY GAPS TO PROTECT TAXPAYERS

President Obama Signed Into Law Major Wall Street Reform, Which Protects Consumers By Closing Regulatory Gaps That Allowed Institutions To Be “Too Big To Fail”, Derivatives Markets To Operate In The Shadows, And Mortgage Lenders To Create Unnecessary Risk. [Senate.gov, 7/1/10]

President Obama Signed Into Law Major Wall Street Reform, Creating The Consumer Finance Protection Bureau, Which Will Protect Consumers From Unfair, Deceptive, And Abusive Acts And Ensure That They Understand Financial Products And Decisions. [Testimony Before House Subcommittee On TARP, 5/24/11]

President Obama Signed Into Law The CARD Act, Which Protects Consumers From Hidden Fees, Unfair Late Fees, And Shifting Interest Rates. [New York Times, 2/22/10]

President Obama Signed Into Law The Family Smoking Prevention Act, Which Allows The FDA To Prevent Tobacco Companies From Marketing Their Products Towards Young People. [The Washington Post, 6/13/09]

REALITY: BUSINESS LEADERS HAVE PRAISED PRESIDENT OBAMA’S REGULATORY REFORM

Goldman Sachs CEO Lloyd Blankfein Praised Regulatory Reform, Saying It Would Make The Market Safer And Benefit Consumers. [The Hill, 4/27/10]

Morgan Stanley Chairman John Mack Said He Was “Very Supportive” Of Financial Regulatory Reform And The Creation Of A Systemic Risk Manager. [New York Times, 3/22/10]

A Global Manager Of Moody’s Investors Services Called Regulation Of Credit Rating Agencies “Positive For Our Industry And The Broader Market.” [House Committee On Financial Services, 7/11/11]

The President Of Standard & Poor’s Said That The Ratings Agency Supported Recent Regulatory Changes, Specifically Financial Regulatory Reform Addressing Undue Reliance On Ratings In The Market. [House Committee On Financial Services, 7/11/11]

The Wall Street Journal Praised President Obama’s Choice To Head The Office Of Information And Regulatory Affairs, Calling It “Savvy” And “Promising.” [The Wall Street Journal, 1/20/09]