President Trump is following through on his promises.
Shortly after President Trump took office, he began following through with his campaign promises. Unlike so many politicians, the vows he made during the election season were not just empty words.
One of those promises was to eliminate unnecessary government regulations. After eight years of Obama, there were many and President Trump tackled them through Executive Order #13771,Presidential Executive Order on Enforcing the Regulatory Reform Agenda. A new analysis of the order has found that the new administration has saved an amazing $378 million in total costs.
The bottom line of the order was that each government agency would eliminate two current regulations for each new one they wanted to implement.
American Action Forum (AAF) performed the analysis. They are a non-profit led by former director of the Congressional Budget Office Douglas Holtz-Eakin. The group frequently weighs in on national economics and political policies.
AAF found that most of the savings did not actually come from changes in regulation. Only about a “fraction of one percent” of the saved money stemmed from there. Instead, most of the savings were found in streamlining paperwork and delaying new regulations.
The report looked at five categories and how much money was saved in each one:
- Shifting of responsibilities (away from public sector to contractors)
- Delays (such as extending compliance deadlines) – $136 million
- Paperwork (including information collection requests, applications, and reporting) – $179 million
- Regulatory changes (modifications in how the regulation functions) – $1.1 million
- Withdrawal of rules
The rest of money, just under $62 million was divided among the two remaining categories. It is somewhat sad to understand that it took an executive order to save millions in paperwork costs.
AAF predicts that 2018 will bring more of the same type of savings. They also believe that President Trump will target the Department of Labor and Environmental Protection Agency (EPA).
“Some of the rules that the Administration will likely rescind or substantially revise are the Environmental Protection Agency’s Clean Power Plan and Waters of the United States rules (both of which the agency proposed to rescind this year), and the Department of Labor’s overtime rule. There are potentially billions in savings from these rules alone,” the report states.