Trump administration touts effort to undo regulations
The Trump administration said late on Tuesday it has withdrawn or delayed more than 2,200 regulatory actions since taking office in January 2017 as it vows to reduce the role of government.
The White House on Wednesday is releasing its biannual status report on governmental regulatory efforts said in the budget year that ended Sept. 30 it had reduced regulatory costs by $23 billion.
In total, the administration it has issued just 14 new significant regulatory actions and eliminated 176.
On a call with reporters on Tuesday, the White House did not detail how much in societal benefits were foregone with the deregulatory actions.
The administration said one controversial planned rule -- freezing fuel efficiency standards at 2020 levels through 2026 -- would reduce regulatory costs by $340 billion, including automakers by $319 billion and reduce the projected cost of new vehicles and eliminate some anticipated road deaths.
But the proposal, the Trump administration said, would boost U.S. fuel consumption by 500,000 barrels of oil per day by the 2030s, boosting fuel costs by an estimated $150 billion.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.