Another Obama era regulation bites the dust

President Trump is rolling back another regulation set by the Obama administration, which the White House says is no longer necessary.

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It is the regulation that was enacted to keep American companies from moving their official base of operation abroad to reduce their tax burden.

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It is called an inversion, where an American company merges with a foreign firm, basically becoming a subsidiary and moving the headquarters for tax purposes.

Administration officials say it's not needed due to the tax overhaul that Trump signed in 2017, according to the New York Times.

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The regulation was credited by tax analysts with reducing inversions, but business groups criticized it.

Treasury Secretary Stephen Mnuchin called the regulation obsolete because the tax cuts have essentially leveled the playing field and made the business environment more competitive.

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The 2017 law cut the corporate income tax rate to 21 percent from 35 percent.