In one of his first acts as president, Donald Trump effectively halted nearly $200 billion worth of regulations, according to a new analysis.
President Trump has taken aggressive action to curb regulations in his first week, promising to cut 75 percent or "maybe more," and signing an executive order Monday to cut two regulations from the books when every new rule is introduced.
The first move came in the form of a memo to all federal agencies from Chief of Staff Reince Priebus, freezing all recently finalized and pending regulations. The American Action Forum, a center-right policy institute, found the action resulted in stopping rules that would cost the economy $181 billion.
"On day one in office, President Trump’s Chief of Staff, Reince Priebus, signed a memo to all executive agencies imposing a regulatory moratorium," wrote Sam Batkins, director of regulatory policy for the American Action Forum. "This may sound like an extraordinary action, but President Obama’s then-Chief of Staff, Rahm Emanuel, penned an almost identical memo eight years ago."
"According to American Action Forum (AAF) research, this memo put a hold on $181 billion in total regulatory costs, including $17 billion in annual costs, and 5.5 million hours of paperwork," Batkins wrote. "This moratorium freezes 22 rulemakings with annual costs above $100 million and 16 measures with more than $1 billion in long-term costs."
The Trump administration memo stopped the publication of new rules in the Federal Register, withdrew regulations that were sent for formal publication so they can be reviewed, and postponed recently finalized regulations for 60 days.
The American Action Forum found 206 rules that are subject to the administration memo, including five major rules that will likely be scaled back or withdrawn altogether.
One rule halted was the National Highway Traffic Safety Administration and the Department of Transportation's plan to mandate all new cars, vans, and SUVs install technology that would share their speed and brake status information with nearby vehicles.
The Vehicle-to-Vehicle Communications rule would have cost an estimated...Read More HERE