Trump Predicts YUGE Savings for America After Regulation Repeals
Donald Trump is surely an unconventional President, there is no doubt about that, but his business background and brazen work ethic are ushering in a new wave of American prosperity.
Of course, we have the wonderfully labeled “Trump Effect” continuing to sweep the nation, as massive corporations are preparing to reinvest gargantuan sums of time, money, and resources back into the American workforce. Ford, Chrysler, and IBM have all committed to creating new opportunities and jobs for America thanks to their confidence in the abilities of President Trump to make America great again.
Trump has also had his eye on saving money by trimming the federal government – a tactic that he has given the appropriately curt mission statement of “drain the swamp”. With cuts already being made to several government entities, Trump is now ready to repeal costly and unnecessary regulations not only to streamline several American industries, but also to cut the spending associated with enforcing such rules.
Just how much will Trump’s regulatory rearrangement save? To paraphrase the President himself, it will be “YUGE”.
The White House estimates it will save $10 billion over 20 years by having rescinded 11 Obama-era regulations under a relatively obscure 1996 law that lets Congress fast-track repeal legislation with a simple majority.
The window to invoke the Congressional Review Act is April 28 and the Trump administration is hopeful that several other measures will pass both houses of Congress and reach the president’s desk before that date, Marc Short, White House director of legislative affairs, told reporters Wednesday.
’There was a huge risk to the economy,’ Short said of regulations passed under former President Barack Obama. He said the Obama administration authorized a historic number of regulations and President Donald Trump is trying to use the CRA to roll back rules as he promised before his election.
Under the CRA, Congress and the White House can only rescind regulations approved in the last 60 days of the previous administration. Until this year, Congress had only used it successfully once before in 2001 to kill off a Labor Department ergonomics rule adopted under the administration of President Bill Clinton.
Former President Obama’s frenzied legislative tornado that occurred during his lame duck term was an unprecedented overreach of the federal government, and by repealing as many of these unwarranted regulations as he can, Donald Trump is truly preparing to drain the swamp.