800 Obama regulations cut Saved over 200 billion
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He may not have drained the swamp, but President Trump sure is slashing some red tape.
The Trump administration has canceled more than 800 regulations that were proposed under former president Barack Obama's regime and is now getting rid of 16 rules for every new rule proffered.
In a new White House report, the Trump administration says it has "withdrawn 469 planned actions" that had been part of the Obama administration's regulatory agenda published last fall. Officials also reconsidered 391 active regulatory proceedings by reclassifying them as long-term or inactive "allowing for further careful review," Reuters reports.
The steps to eliminate regulations makes good on a much-repeated Trump campaign promise to promote business-friendly policies. Investors have anticipated the action, helping to push share prices higher on hopes that fewer regulations will boost business growth and lead to higher corporate profits.
The Trump administration has identified nearly 300 regulations related to energy production and environmental protection it plans to rescind, review or delay across three agencies â€“ the Environmental Protection Agency and the Interior and Energy Departments.
Trump had identified several of the regulations as targets in his March executive orders on energy, but they will now undergo a formal rulemaking process to be rescinded or revised.
White House budget director Mick Mulvaney said the administration was addressing "that slow cancer that can come from regulatory burdens that we put on our people."
Just a month into office, Trump enacted an executive order to install "regulatory reform" task forces inside federal agencies in what Reuters said "may be the most far-reaching effort to pare back U.S. red tape in recent decades."
Among the changes are:
The Interior Department
"The Interior Department is reviewing an Obama-era rule that directed companies to reduce venting and flaring and methane leaks from oil and gas production on federal and tribal land, according to a White House semi-annual government-wide regulation report."
The U.S. Transportation Department