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President Proposes Agency Consolidation

Late last week, President Obama introduced his proposal to combine several trade and commerce related agencies under a plan that the White House says would save $3 billion and eliminate more than 1,000 jobs over next ten years. The proposal would combine the functions and staff of six trade and commerce related agencies and offices, including the Small Business Administration, the Office of the U.S. Trade Representative, the Export-Import Bank, the Overseas Private Investment Corporation and the Trade and Development Agency.

According to White House, this move would ease the regulatory burden on businesses and save money by eliminating duplicative functions such as human resources. Under the plan, Obama would first seek broad consolidation authority from Congress, which could vote on each proposed merger. For a link to a fact sheet issued by the White House on this proposed plan, click here. NCUA is not specifically mentioned as one of the affected agencies.

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