Regulatory reform plans for federal agencies will save more than $4 billion over the next five years, the White House said Monday.
Cass Sunstein, administrator of the Office of Information and Regulatory Affairs, announced on the White House blog that federal agencies are releasing their final regulatory plans.
The plans are in response to an executive order from President Barack Obama, directing agencies to streamline regulations and cut red tape.
The Labor Department plans to save more businesses more than $2.5 billion by simplifying and improving hazard warnings for workers.
The Defense Department issued a new rule requiring acceleration of payments on contracts to as many as 60,000 businesses.
Businesses will be able to save $10 billion over the next five years because of the reforms, Sunstein said.