Just halfway through his first year in office, President Trump is delivering on a key campaign promise to cut red tape, according to a new study.
The six-month review of Trump’s regulatory agenda by the American Action Forum shows the federal government practically slamming the brakes on regulation. The number of new rules is now at a record low, according to the study, in sharp contrast to the start of the Obama administration.
“If you look at what’s happening in the first six months for President Trump compared to President Obama, it’s staggering,” group president Douglas Holtz-Eakin told “Fox & Friends” on Friday.
On the campaign trail, then-candidate Trump promised that “for every new regulation, we’re going to cut two,” and to “get rid of all the unnecessary regulations.”
The data from AAF, a conservative-leaning think tank, shows a total of 27 rules have been withdrawn so far this year, which is slightly lower than the 41 rules that were approved.
But the study shows the regulatory push at the beginning of the Obama administration was roughly 20 times more costly to the U.S. economy than at the start of the current administration.
The Obama administration’s first six months of regulations imposed $24.4 billion in total costs, compared with the $1.2 billion for the Trump administration. And the 41 rules approved represents a fraction of the number approved at the start of previous administrations.
“The business community really feels like the beatings have stopped, Washington is not trying to put them in the bullseye, and they can go about running their businesses and not worrying about the regulations,” Holz-Eakin, who ran the Congressional Budget Office under then-President George W. Bush, said. full story