PRESIDENT DONALD J. TRUMP’S HISTORIC DEREGULATORY ACTIONS ARE CREATING GREATER OPPORTUNITY AND PROSPERITY FOR ALL AMERICANS

Office of the Press Secretary FOR IMMEDIATE RELEASE July 16, 2020 PRESIDENT DONALD J. TRUMP’S HISTORIC DEREGULATORY ACTIONS ARE CREATING GREATER OPPORTUNITY AND PROSPERITY FOR ALL AMERICANS “We’ve begun the most far-reaching regulatory reform in American history.” – President Donald J. Trump LEADING HISTORIC REGULATORY REFORM: President Donald J. Trump has led a historic effort to eliminate unnecessary and costly regulations that hurt American businesses and families. Under President Trump’s leadership, Federal agencies have taken more than 7 deregulatory actions for every significant regulatory action. President Trump’s deregulation efforts have already reduced regulatory costs by $50 billion and are on track to reduce regulatory costs by at least that much in fiscal year 2020 alone. The President’s Governors’ Initiative on Regulatory Innovation is working to reduce outdated regulations, advance occupational licensing reform, and align Federal and State regulations. The Administration continues to take action to modernize and accelerate environmental reviews in order to complete infrastructure projects in a timely and efficient manner. The President is rolling back regulations that harm American workers, including providing relief to farmers by repealing the burdensome Obama-era Waters of the United States Rule. In 2019, the President signed two executive orders to increase transparency in Federal agencies and protect Americans and their small businesses from administrative abuse. LIFTING UP AMERICANS: President Trump is driving down costs for consumers and helping low-income Americans, who are disproportionately burdened by overregulation. Deregulation is lowering costs for all Americans, particularly benefitting low-income individuals who are disproportionately burdened by overregulation. The Administration cut red tape in the healthcare industry, providing Americans with more affordable healthcare and saving Americans nearly 10 percent on prescription drugs. Deregulation of both prescription drugs and internet access helped the poorest fifth of households eight times more than the wealthiest fifth of Americans. The Administration replaced costly Obama-era fuel standards with the Safer Affordable Fuel Efficient (SAFE) Vehicles rule, making cars more affordable for low-income Americans. This rule is expected to lower the price of new vehicles by $2,200, according to the Council of Economic Advisers. The President established a council to reduce regulatory barriers to affordable housing. SUPPORTING FAMILIES AND BUSINESSES: The Administration’s historic deregulatory efforts are putting money in Americans’ pockets and helping businesses prosper. The President’s deregulatory actions will increase household income annually by at least $3,100 in the coming years.  President Trump has signed 16 pieces of deregulatory legislation that are expected to result in a $40 billion increase in annual real incomes. Once fully in effect, 20 major deregulatory actions undertaken by the Administration are expected to save American consumers and businesses over $220 billion per year. The implementation of the SAFE Vehicles rule is estimated to increase the real incomes of Americans by $53 billion per year over the 2021-2029 period. Deregulation is helping small businesses invest and expand by saving them from dedicating time and money on compliance costs. The President’s deregulatory actions are also increasing the competition, productivity, and wages of American workers.