The American Action Forum (AAF) says President Donald Trump cut $181 billion in regulatory costs during his first week in office.
On Monday, Trump signed an executive order that will majorly curb government regulations.
The AAF looked at the numbers and concluded his order is putting a halt on regulation that cost the economy $181 billion.
“On day one in office, President Trump’s chief of staff, Reince Priebus, signed a memo to all executive agencies imposing a regulatory moratorium,” wrote Sam Batkins, director of regulatory policy for the American Action Forum.
“This memo put a hold on $181 billion in total regulatory costs, including $17 billion in annual costs, and 5.5 million hours of paperwork,” Batkins wrote. “This moratorium freezes 22 rule-makings with annual costs above $100 million and 16 measures with more than $1 billion in long-term costs.”
The Washington Free Beacon reports that the order freezes all regulations that were previously being reviewed and finalized.
“The regulatory moratorium from Reince Priebus was anything but an extreme measure. It is standard operating procedure for a new president to take stock of the existing regulatory landscape,” Batkins said.
“What was extraordinary was that the previous administration had $181 billion in regulatory burdens, 16 billion-dollar rules, and millions of hours of new paperwork pending in the system,” he continued.
Related News: Trump Signs Executive Order Slashing Regulations
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