The Trump administration has already become amazing at putting an end to Obama’s onerous and anti-growth regulations, but this year the administration says it is on track to eliminating up to 31 times more Obama regulations than last year.
According to the Washington Examiner:
With plans to cut $18 billion worth of regulations in fiscal year 2019, which ends in September, the administration is poised to boost that to $33 billion, according to a mid-year review by the budget watchdog American Action Forum.
What’s more, the administration is moving toward a regulatory cut that the review said would cut an additional $561 billion, 31 times this year’s goal.
While the Trump administration is behind on its promised eliminations of Obama regulation for this year so far, the plans have been set in motion to up the game.
According to analysts Dan Bosch and Dan Goldbeck, Trump’s agencies are a bit behind.
President Trump on the 2016 campaign trail and in his administration has made slashing government regulations a key goal. He set in place a rule demanding that two regulations be cut for every new one proposed. The administration has actually surpassed that goal.
In their review, Bosch and Goldbeck found that most federal agencies are behind their regulation cutting goals.
They attribute the boost in costs to the paperwork burden in the 2017 tax cut and the creation of a new “National Bioengineered Food Disclosure Standard.”
Still, plans are in motion for a big uptick this year:
“Despite the current net cost figure, the administration appears poised to see net savings on the back end of FY 2019. The overwhelmingly largest component of the upcoming deregulation is the Environmental Protection Agency’s expected repeal of the ‘Clean Power Plan,’ with $51.6 billion in currently estimated total ‘avoided costs.’ Other rules with notable cost reductions include a pair of significant rules also affecting energy production as well as the first stage of the administration’s reconsideration of the ‘Water of the United States’ rule,” said the review.
And there is one BIG cut that the pair did not include in their study:
Said Bosch and Goldbeck, “One massive deregulatory action is not included in this study’s projection. The Safer Affordable Fuel-Efficient Vehicles Rule, proposed jointly by the DOT and the EPA, was published in August 2018 and was scheduled to be finalized in March 2019. Though the agencies missed that date, they still may finalize the rule by the end of FY 2019. As proposed, the rule would result in an estimated $563.6 billion in total savings – an amount that would cover the entire FY 2019 regulatory budget more than 31 times.”
The administration did succeed in reducing regulations by tens of millions of dollars in 2017.
As Forbes reported last year, “the Trump administration fiscal-year updates report to have eliminated 134 significant rules (57 plus 67). However, additional eliminations have occurred of rules not officially considered ‘significant,’ as well as eliminations of agency guidance documents argued to have regulatory effect.”
Still, with thousands of Obama holdovers still infesting the federal government, too many regulations are still being proposed. So, Trump’s imputes to cut regulations is still not fully adopted by the federal government. Regardless, he done more cutting than any president in recent history.
Follow Warner Todd Huston on Twitter @warnerthuston.