President-elect Donald Trump promised to slash burdensome, and very expensive, federal regulations. If he follows through and utilizes some of the tools available to him, he could cut $42 billion worth of regulations, according to the American Action Forum.
American Action Forum reported:
As AAF has previously highlighted, the CRA [Congressional Review Act] provides Congress with one possible way to constrain the regulatory state. Under the law, both chambers of Congress can pass a Joint Resolution of Disapproval that nullifies a major rule. This has only been used once successfully, for a Department of Labor ergonomics rule after the presidential transition in 2001. Generally, a sitting President has limited incentive or desire to undo their own rulemakings. However, there can be a carryover period in which rules promulgated within 60 legislative or session days under one administration can face scrutiny from their successor and Congress. Since this period is measured in legislative days, it can encompass rules from far earlier in the election year.
For the purposes of this analysis, we’ve included all currently-designated “major” final rules since the start of May 2016. Together, those rules impose more than $42.5 billion in total costs, $6.5 billion in annualized costs, and 53 million paperwork burden hours. Below are the ten most expensive of those rules:
*Chart Courtesy of The American Action Forum*
If Trump and his team can get this going when he takes office, it would be huge. As the American Action Forum reported, Republicans have a window to enact regulatory reform on a scale that this country hasn’t seen since former President Ronald Reagan’s tenure.
The list above is just the tip of the iceberg as well, given the likelihood that President Obama will enact a flurry of regulations from now until Jan. 20 that a Trump administration will have to wade through. A bevy of stifling environmental regulations will also hopefully be on Trump’s chopping block, to the tune of billions of dollars.
There is so much for Trump and his team to do, and as such, so much to look forward to, in the coming year. If they can achieve even half of what has been set forward, this country will be much better off for it.
The left has worked to bloat the government and expand regulations, which serves to stifle American productivity. The thought that a Trump administration could undo these burdens and help put the government on a much-needed diet is a breath of fresh air.