A Trump administration deregulation move that President Joe Biden ended on his first day in office had helped businesses save about $160 billion, according to a new report.
The Washington Times attributed the information to an analysis conducted by the American Action Forum think tank.
Citing the analysis, the Times noted that then-President Donald Trump’s efforts on the “regulatory budget” resulted in a net savings of $155-$165 billion from 2017-2021.
“The regulatory budget was very meaningful,” said Dan Bosch, the group’s director of regulatory policy and author of the report. “The range is in terms of economic impact, which is almost entirely borne by the private sector.”
Trump had issued an executive order mandating a “one in, two out” rule for new regulations and imposing financial limits on how much new regulations could cost.
Biden rescinded the executive order on his first day in office.
“One in, two out — it’s a simple sound bite to explain the general approach, but in how it actually worked it was very complicated and ultimately not that effective and meaningful,” Bosch said. “It wasn’t counting apples to apples, and it didn’t require that regulations be specifically accompanied by repeal[s].”
Fox Business noted that as of last April, Trump had issued 277 deregulation orders and his administration had added the fewest new rules to the Federal Register since records started in the 1970s.
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