Obama seeks to streamline US, overseas regulations

May 1, 2012 - 10:09 AM

WASHINGTON (AP) — The White House is launching a new effort to minimize differences between U.S. and international regulations that force companies to spend more money to abide by different sets of rules.

President Barack Obama issued an executive order Tuesday calling on a White House committee to work with the private sector to reduce unnecessary red tape that causes problems for U.S. companies that want to work overseas. That includes everything from different standards for warning labels to separate requirements for container sizes.

The White House says standardizing international regulations will make it easier for companies to compete internationally, but will not sacrifice health and safety standards.

Many Republicans and private sector leaders insist that excessive regulation is hampering business growth in the U.S.