Among the various disastrous economic records that Barack Obama set during his presidency were the one-day, and one-year records for the most regulations added. In November of last year, Obama set a record for adding 572 pages of regulations in one day, the most in a single day ever, and he then closed out 2016 having added 81,640 pages of new regulations overall, the most in any year ever.
The total regulatory cost of Obama’s new regulations alone is over $100 billion – and that’s in addition to the regulatory burden we already suffered prior to his presidency.
On his first day in office, President Donald Trump put a hold on all new and pending federal regulation. They cannot be sent to the Office of Federal Registrar (OFR) as they otherwise would until they’re reviewed by a Trump-appointed secretary – and it’s unlikely many are going to survive that review process considering just how much of the regulatory code he plans on overhauling.
According to CNBC: President Donald Trump told business leaders on Monday he believes he can cut regulations by 75 percent or “maybe more.”
At the White House with 10 senior executives, he repeated his campaign pledges to roll back corporate rules, arguing that they have “gotten out of control.” A White House spokesman did not immediately respond to a request to elaborate on which rules Trump will target or how the 75 percent was calculated.
“We’re going to be cutting regulation massively,” but the rules will be “just as protective of the people,” Trump told reporters at the meeting that included Tesla Motors CEO Elon Musk and Under Armour CEO Kevin Plank. Democrats and interest groups have expressed concern about Trump’s plans to roll back Obama administration environmental protections and pull out of the landmark Paris climate accords, among other regulatory pledges.
Among the other policies he reiterated that he’d strive to implement is a reduction in the corporate tax rate from its current 35 percent down to 15-20 percent, and rewards for companies that manufacture in the U.S.
The total cost of regulation in the U.S. economy was estimated at over $2 trillion by the National Association of Manufactures in 2012, and cutting down on those regulations, unlike Obama’s economic stimulus package, would be more than just a stimulus in name only.
[Note: This post was authored by Matt Palumbo. Follow him on Twitter @MattPalumbo12]