One promise made by Donald Trump and Republicans running for Congress is that they would address overregulation. Now, with a unified Republican federal government, both Trump and Congress have moved quickly to get rid of regulations that are strangling the American economy while producing few benefits.
The American Action Forum has compiled a list of regulations that have been wiped out, either through executive order or by congressional action. So far, Republicans have saved Americans $2.8 billion in compliance costs and over 41 million hours in paperwork.
Here’s a chart, courtesy of AAF:
This is in stark contrast to the Obama administration. In Barack Obama’s last year in office, he imposed more regulations than any other president in history. Overregulation is one of the reasons for the weak economic recovery that became a hallmark of the Obama presidency.
So far, President Trump has mandated that for every regulation imposed by his administration, two must be repealed. This mandate will save businesses time and money and result in lower prices for consumers in the long run.
The repeal of a coal mining rule and blocking of gas order number 1 will also lower the cost of energy, which will help American consumers and businesses alike. In addition, it may create more of the high-paying jobs that are common in the energy industry.
Finally, small business issues are expected to be a major focus of the Trump administration. His appointment of Linda McMahon, who turned a small business into a major corporation, is a very good one. In addition, Republicans are expected to pursue major tax reform that will be beneficial for companies.
Small business has been extremely enthusiastic about a Trump presidency. So far, President Trump and congressional Republicans have been delivering on their promises. Amidst a troublesome week for Trump in general, this is a rare and welcome bright spot.