Rolling Back the Red Tape: A New Era of Economic Opportunity

This year, we delivered a clear message: for businesses to thrive and workers to succeed, we need to turn down the heat on burdensome regulations. A recent survey from the U.S. Chamber found that 87% of financial decision-makers say rising regulatory costs are stifling growth. Translation? The paperwork is piling up—and it’s slowing down our economy.

Fortunately, the current administration is not only talking about deregulation—but taking action. From financial services to banking, we’re seeing real progress in rolling back some of the most restrictive regulations. Here are a few of the latest wins for businesses across the country:

• Two Congressional Review Act (CRA) Resolutions were passed. The first prevents banks and credit unions from offering consumers overdraft products. The second overturned strict oversight by the CFPB over digital payments companies. These oversights threatened to stifle innovation in a rapidly evolving industry.

• Several members of the House Financial Services Committee sent a letter to the CFPB, urging that multiple rules be significantly revised or eliminated to better align with consumer and market needs.

• The Securities and Exchange Commission (SEC) repealed Staff Accounting Bulletin 121, a move that eases constraints on how U.S. banking institutions can support digital asset deployment—opening doors for more financial innovation.

• The FDIC is withdrawing proposals on brokered deposits, executive compensation, and corporate governance. It’s also pulling back regulation that limits banking competition.

• Want to learn more about these changes and many more that have been implemented? Checkout this article from the U.S. Chamber of Commerce.

WY We Care: Your Wyoming Chamber of Commerce is a fierce advocate for free enterprise—because we know that prosperity doesn’t come from red tape. It comes from hardworking people, bold ideas, and a business climate that allows innovation to flourish. That’s why we’ve joined forces with the U.S. Chamber, local chambers, and economic development groups statewide to roll back regulations that stall growth and stifle opportunity.

We applaud the recent progress being made to clear unnecessary hurdles and restore balance to our economic systems. But here in Wyoming, we still face serious challenges—especially when it comes to permitting and regulation. Wyoming ranks as one of the most difficult states to navigate when it comes to permits and compliance. That’s a problem.