Report Reveals $42 Billion
in Regulations Trump Could Slash on Day 1
Throughout much of his successful
campaign for the presidency, President-elect Donald Trump spoke repeatedly
about his intentions to roll back, if not entirely undo, many of the
business-killing federal regulations put in place by President Barack Obama’s
administration.
To that end, the American Action Forum
dug into the regulatory nightmare emanating out of Washington, D.C., and
compiled a list of dozens of regulations that could be immediately cut by Trump
and the Republican-led Congress, according to The Daily Caller.
Utilizing what is known as the
Congressional Review Act to invalidate at least 48 major regulations, the AAF report noted that, “Together, those rules
impose more than $42.5 billion in total costs, $6.5 billion in annualized
costs, and 53 million paperwork burden hours.”
“Republicans have the opportunity to
enact regulatory reform on a scale not witnessed since President Reagan,” the
report continued. “CRA disapproval resolutions seem poised to be a significant
part of those plans.”
Analysts and report authors Sam Batkins
and Dan Goldbeck provided a few examples of cuts that could immediately be
made, such as to the Department of Interior’s restrictions on oil drilling in
the Arctic region, or the Environmental Protection Agency‘s ludicrous fuel efficiency standards
for the trucking industry.
The Arctic drilling rule has been
estimated to cost more than $2 billion, while the EPA’s industry-killing fuel
regulation costs soared to an astonishing $29.3 billion.
“Although it is unlikely that Congress
will cash in all its political capital to this end, several high-profile major
rules – and their sizable burdens – could go by the wayside in 2017,” the
report noted, tempering expectations for a broad sweep of all burdensome regulations
right away.
Furthermore, there are other regulations
that may not have even been written yet that could be quickly overturned, due
to various agencies in the Obama administration rushing to push through new
“midnight” regulations at the last moment.
Alas, Obama’s regulators have been quite
busy this year, already formulating more than 78,000 pages of new rules thus
far in 2016, with an estimated cost of at least $148 billion. The
administration still has a month and a half still remaining to write more.
Nevertheless, we anxiously await Trump
and his team to finally taking office and beginning the arduous process of
taking a scythe to the field of chaff that has grown up in and around D.C.’s
regulatory structure.
http://conservativetribune.com/trump-save-42-billion-day-1/
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