President Barack Obama said he will order an overhaul of U.S. business regulations in a bid to cut unnecessary red tape and improve consumer protection.

In an opinion piece in today'sWall Street Journal, Obama said the overhaul will address issues such as the need for new safety rules for infant formula and a faster procedure for approving new medical devices.

Obama will sign the executive order today.

"This order requires that federal agencies ensure that regulations protect our safety, health and environment while promoting economic growth," Obama wrote. "It orders a government-wide review of the rules already on the books to remove outdated regulations that stifle job creation and make our economy less competitive."

Obama's critics have long said that activist government and the burden of excessive regulation are preventing U.S. companies from creating jobs and handing the economic advantage to competitors such as China.

The President defended the role of regulation in his opinion piece, saying that smart rules are vital to protecting the public interest and promoting economic growth.

"Throughout our history, one of the reasons the free market has worked is that we have sought the proper balance," Obama said. "We have preserved freedom of commerce while applying those rules and regulations necessary to protect the public."

Obama highlighted the financial crisis as an example of a time when a lack of regulation had almost led to economic disaster.

"There, a lack of proper oversight and transparency nearly led to the collapse of the financial markets and a full-scale Depression," Obama wrote.

Obama's recent appointment of William Daley, a former JPMorgan Chase (JPM) executive, as his chief of staff was seen by many as an attempt to improve relations with the business community. Many businesses opposed Obama's healthcare reform bill as well as the financial reform bill.

Last month, Obama met with top executives from companies including Google (GOOG), General Electric (GE) and Comcast (CMCSA) to discuss ways to create jobs.

The regulatory overhaul will help reduce the burden on small businesses and help them to create jobs, Obama wrote in the Wall Street Journal. "Small firms drive growth and create most new jobs in this country. We need to make sure nothing stands in their way."

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vachiris

After I was with Wells Fargo for 15 years I asked for a loan to buy a car They turned me down pronto!!!!! I went to Western Bank had a loan in 30 minutes flat!!!!!!!!!!! SO MUCH FOR WELLS FARGO!!!!!!!!!!!!!!!!!!!!!

April 23 2011 at 5:00 PM Report abuse rate up rate down Reply
vachiris

jkennedy Wells ripps another a new ass WellsFargo are rippoffs been there after 15 years went to a local credit union
not polite but better service they don't steal your money!!!!!!!!!!!!

April 23 2011 at 4:58 PM Report abuse rate up rate down Reply
vachiris

Obama is moving in the right direction right up the UAE to bow and kiss hands

April 23 2011 at 4:55 PM Report abuse rate up rate down Reply
vachiris

What a butt crack sees a butt crack believes

April 23 2011 at 4:53 PM Report abuse rate up rate down Reply
vachiris

I promise I will not raise taxes Obama in 2008
I have to compromise and raise taxes to pay for money I did not have and gave away to other Nations

April 23 2011 at 4:51 PM Report abuse rate up rate down Reply
vachiris

Our oil reserves are full so why does he sit on his butt. Trucks can't haul oil to the tanks at the refinery because they have no way to hold it they say they are full.Artesia Navajo Refinery owned by Obamanation.

April 23 2011 at 4:49 PM Report abuse rate up rate down Reply
vachiris

Obama is an IDIOT!
How are families that are fighting to stay afloat now pay to buy a go green car when they can't even put gas in the car they own now.........Ano brainer oh I forgot Obama has no brains.

April 23 2011 at 4:46 PM Report abuse rate up rate down Reply
kent05r

There are 7,200 outstanding Oil and Gas permits that need approval. Get your happy butts processing those instead of making goverment jobs that cost tax payers. apporve drilling here and create 2 million jobs almost overnite.
No way is the private sector getting a break with this man. Socailt,Marxist, Communist mind set. This man will distroy America with taxes and overloaded goverment that produces nothing. Cut goverment spending clean house of the dead wood that produces nothing.

April 23 2011 at 8:54 AM Report abuse rate up rate down Reply
rkirby1550

OBAMA IS THE ONE WHO CAME UP WITH ALL OF THESE STUPID RULES, WHAT A PHONY.

January 18 2011 at 1:11 PM Report abuse -1 rate up rate down Reply
Sonny

2012 Presidential election is underway. Look for substantive changes, not political BS. I'll believe it when I see it...........

January 18 2011 at 11:46 AM Report abuse rate up rate down Reply