White House estimates show that the slashing of regulations that has already taken place under President Donald Trump will save approximately $10 billion over the next 20 years, nearly $1 billion per regulation.
Since taking office, Trump has repealed 11 regulations implemented under Barack Obama, aided by a 1996 law which allows Congress to repeal legislation with a simple majority.
Some of the regulations that have been repealed include rules on coal mining and EPA related regulations, women’s healthcare protections, as well as gun limits for the severely mentally ill.
With the deadline for Congress invoking the Congressional Review Act on April 28th, Republicans remain hopeful that further regulations can be repealed and signed off before that date, Marc Short, White House director of legislative affairs, confirmed on Wednesday.
In January, Trump signed an executive order proposing that for every new regulation introduced, two separate regulations must be cut. He then signed another order in February creating “regulation watchdogs,” designed to dissolve the rulemaking power of federal agencies.
As part of his plan to reinvigorate small business and stagnant economic growth, Trump has pledged to cut taxes and regulation “massively,” although Senate Majority Leader Mitch McConnell has warned that tax reform is unlikely to be completed before August.
During his final year in office, former President Barack Obama oversaw record levels of regulation, with an average of 18 pieces of regulation applied to every new law, as well as record levels of red tape, with 97,110 pages printed in the 2016 Federal Register.