Former President Donald Trump has unveiled a bold new proposal for regulatory reform as part of his 2024 presidential campaign.
According to a report by the Washington Examiner, Trump has significantly escalated his previous deregulation efforts, now calling for the elimination of 10 existing regulations for every new one introduced.
During a speech at the Economic Club of New York on September 5, 2024, Trump outlined his vision for a dramatic reduction in federal regulations. This move represents a substantial increase from his previous "two-for-one" regulatory reduction policy implemented during his first term in office.
Trump's latest proposal aims to drastically cut the number of federal regulations, surpassing his previous efforts. He expressed pride in being the only modern president to achieve a net regulatory reduction during his term and emphasized the ease with which he believes this new goal can be accomplished.
Trump stated:
I'm pledging today that in my second term, we will eliminate a minimum of 10 old regulations for every one new regulation. We'll be able to do that quite easily, actually.
This ambitious plan reflects the Republican Party's broader goal of reducing the size and influence of the administrative state, which refers to executive branch agencies with significant rulemaking and enforcement powers.
In his speech, Trump criticized the regulatory expansion pursued under the Biden administration. He linked this expansion to Vice President Kamala Harris, who is now running against him in the November presidential contest following President Biden's decision not to seek re-election.
The former president also addressed the cryptocurrency industry, which has faced increased regulatory scrutiny under the current administration. Trump expressed his support for the sector, stating:
Instead of attacking industries of the future, we will embrace them, including making America the world capital for crypto and bitcoin.
Trump's plan for rolling back regulations involves a multifaceted approach. This includes using executive orders to revise or eliminate Biden-era rules, working with Congress to utilize the Congressional Review Act for canceling recently imposed regulations, and supporting legislative efforts to overhaul the rulemaking process.
One specific proposal mentioned is the REINS Act, which would require congressional approval for every new "major rule" proposed by federal agencies before implementation. This act aims to increase legislative oversight of the regulatory process.
Additionally, Trump proposed the creation of a government efficiency commission. This idea, reportedly inspired by a suggestion from Tesla founder Elon Musk, would conduct a comprehensive audit of the federal government and recommend "drastic reforms" to the system.
Trump's regulatory reduction plan represents a significant escalation of his previous deregulation efforts. This proposal aligns with broader Republican goals to limit the power of executive agencies and increase congressional oversight of the rulemaking process.
The plan's effectiveness and potential impacts on various industries and government operations remain to be seen, as it would likely face significant challenges in implementation if Trump were to win the presidency in 2024.
