Trump Administration Regulatory Reforms Saved $23 Billion in Fiscal Year 2018

The Office of Management and Budget announced that in the last year, the Trump Administration's regulatory reform efforts have led to a total of $23 billion in cost savings.

Overall findings from OMB's Fall 2018 Unified Agenda:

  • In FY 2018, the Trump Administration saved a net $23 billion in regulatory costs.
  • In the same period, the Trump Administration eliminated 12 regulations for every 1 new significant regulation passed.
    • By contrast, the Obama Administration imposed a net $245 billion in regulatory costs during the same time period.
    • In the last year, the Trump Administration eliminated 176 outdated, unnecessary, or duplicative regulatory actions.
  • Since President Trump took office, the Administration has provided $33 billion in net regulatory savings.

Under President Trump's leadership, the Administration has revived the American economy by getting rid of unnecessary, outdated, and duplicative regulatory burdens. Today, the President will meet with American workers from various industries to discuss the Administration's deregulation initiatives that have benefited them and the ongoing efforts to ensure Americans across the country live more prosperous lives.

Details follow:

President Trump Is Following Through On His Promise To Cut Burdensome Red Tape And Unleash The American Economy

"An ever-growing maze of regulations, rules, restrictions has cost our country trillions and trillions of dollars, millions of jobs, countless American factories, and devastated many industries." - President Donald J. Trump

ENDING OVERREGULATION: President Donald J. Trump is delivering on his promise to get rid of unnecessary, outdated, and duplicative regulations.

  • The Trump Administration is releasing findings that show the President's regulatory reform efforts saved American families and business owners $23 billion in fiscal year (FY) 2018.

o This progress builds on the Administration's significant regulatory reforms in FY 2017.

  • President Trump's historic regulatory reform is a complete change in direction, with Americans actually seeing an overall decrease in regulatory burdens.
  • The Administration issued 176 deregulatory actions last year, eliminating 12 regulations for every new one according to the Office of Information and Regulatory Affairs (OIRA).

o The President has again exceeded his pledge to cut two regulations across the year for every new one.

  • Since taking office, President Trump's efforts have achieved $33 billion in regulatory savings.

o In a stark contrast, President Obama imposed $245 billion in burdensome regulatory costs on the American people in his first 21 months in office.

  • Businesses are finally being freed of Washington's overreach and the American economy is flourishing as a result.

REAL RESULTS: President Trump's efforts to cut burdensome and unnecessary red tape are bringing real change and delivering real results for Americans.

  • The Department of Labor made it easier for small businesses to provide better health insurance to their employees through association health plans.
  • The Department of Veterans Affairs greatly expanded veterans' ability to use telehealth services, giving them access to state-of-the-art healthcare everywhere.
  • The National Oceanic and Atmospheric Administration has taken action to free our fishermen from burdensome red tape while also promoting responsible fishing practices.

o For instance, areas off the coast of New England have been opened to commercial sea scallop harvesting for the first time in years, netting an economic benefit of $654 million.

  • The Department of Health and Human Services reduced paperwork for nursing facilities, inpatient hospitals, and home health providers, saving $8.2 billion in regulatory costs.

DEREGULATION WILL CONTINUE: The Trump Administration will continue its bold reforms to roll back burdensome red tape in FY 2019.

  • President Trump's regulatory reform efforts are accelerating, and we will continue to take a responsible approach to addressing overly burdensome regulations in FY 2019.
  • The Department of Transportation (DOT) and the Environmental Protection Agency (EPA) have proposed amendments to existing Corporate Average Fuel Economy (CAFE) standards.

o These amendments could save up to $340 billion over the lifetime of new vehicles.

  • The EPA and Army Corps of Engineers have proposed new rulemakings that would reassess the Obama Administration's burdensome "Waters of the United States" rule.
  • EPA has proposed the Affordable Clean Energy rule, which would replace the 2015 Clean Power Plan (CPP).

o In some scenarios, avoided compliances costs total $6.4 billion compared to the CPP.

Posted October 18, 2018
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