President Donald Trump has eliminated $60 billion worth of regulatory burdens imposed by the Obama administration, according to a new report.
The report. The center-right policy institute American Action Forum released a report on Tuesday which detailed how the Trump administration and Congress have utilized the Congressional Review Act to tackle regulations recently.
According to the report, there could be an $86 billion net fiscal effect from the recent repeal and delay of regulations for taxpayers.
AAF regulatory policy director Sam Batkins, the report’s author, explained the results of the deregulation efforts.
“Congress has already passed 13 CRA resolutions, repealing more than $1.1 billion (annually) in past regulations from the Obama Administration,” Batkins said.
“In addition, President Trump has formally delayed and signaled an intention to amend several other major rules. Combined, these actions could generate more than $18 billion in annual regulatory savings for businesses, investors, and consumers.”
The American Action Forum previously reported that President Trump halted $181 billion in regulatory costs on his first day in office, by signing an executive order that cuts two regulations for every new rule introduced.
Now, by working with Congress, the administration has removed further regulatory burdens in its first months in office.
“Regulatory reform has taken many shapes during the Trump Administration: CRA votes, increased flexibility in compliance, and formal reviews of major rules,” the report noted. “As AAF has documented, this has the ability to generate more than $60 billion in cost savings for American businesses, investors, and consumers.”
“These benefits, through just the first few months of an administration, are profound, but the fiscal savings of regulatory reform should not be overlooked,” the report continued. “Broad reforms have the ability to generate billions of dollars in taxpayer savings, and millions of fewer paperwork hours.”
Why is this important? Burdensome and unnecessary regulations waste money and stop Americans from growing the economy.
Trump discussed the importance of rolling back regulations on the campaign trail, and that appears to be what he’s doing early on in his presidency.
Hopefully this continues and Americans can finally be allowed to grow the economy free from the shackles of unnecessary regulation.