The Trump Administration’s regulatory reform efforts have saved American families and businesses $23 billion in Fiscal Year 2018 by getting rid of unduly burdensome and unnecessary regulation. The findings, released by the Office of Information and Regulatory Affairs (OIRA), also reported that Federal Agencies issued 176 deregulatory actions.
The regulatory reform results highlight President Trump’s continued success in promoting economic freedom and reining in Washington regulations:
- In Fiscal Year 2018, the Trump Administration has saved, on net, more than $23 billion in regulatory costs.
- For each new significant regulation passed, the Trump Administration eliminated 12 outdated, unnecessary, or duplicative regulations.
- By contrast, the Obama Administration imposed, on net, more than $245 billion in regulatory costs during the same time period.
- The Unified Agenda projects even greater regulatory savings for the coming year.
“President Trump promised to revive the American economy by getting rid of Washington’s unnecessary, outdated, and duplicative regulatory burdens. He recognized that these regulations were hurting Americans; farmers, small businesses and other job creators. This President was determined to correct the wrongs of the past so that Americans could once again be free to grow their businesses, provide for their families, and make their own decisions. Today’s report proves that President Trump is delivering on that promise,” said Office of Management and Budget Director Mick Mulvaney.
“This is a fundamental change in direction. Agencies have actually reduced overall regulatory burdens. This Administration has focused on the rule of law, ensuring that agencies stay within their authority and regulate only when necessary. The reform agenda emphasizes individual freedom and unleashing the potential of American workers, innovators, and businesses. We aim for common-sense regulatory policy that benefits all Americans,” said OIRA Administrator Neomi Rao.