Start issuing pink slips.
President Trump’s administration, on orders to kill two regulations for every new one, ripped up the playbook during its first six months, eliminating 16 old rules for every new one, according to top officials.
“It’s really the beginning of a kind of fundamental regulatory reform and a reorientation of where we’re going with regulation,” said Neomi Rao, the newly installed administrator of the Office of Information and Regulatory Affairs in the Office of Management and Budget.
In a briefing with a handful of reporters, Rao laid out the administration’s regulation agenda, declaring, “It’s a beginning…you’re going to see a rollback of regulations.”
Her comments came in advance of Thursday’s release of the Unified Agenda of Regulatory and Deregulatory Actions, a report that typically lays out upcoming economically impactful regulations.[…]
Key highlights from OMB:
In the last five months of fiscal year 2016, the Obama administration imposed $6.8 billion in annualized costs from economically significant rules. By contrast, the Trump administration has imposed less than $0 in regulatory costs during its first five months.
Comparing Obama’s first five months in office to Trump’s, Obama imposed $3.1 billion in costs. Trump has cut regulations, realizing an annualized cost saving of $22 million.
The administration is “ahead of schedule” on the 2-for-1 regulatory cut, banking 16 regulatory actions, including 12 cut by Congress.