Candidate Donald Trump not only promised to “drain” the D.C. “swamp” he also pledged to dramatically reduce the amount of red tape and regulatory costs imposed on American businesses and industry, and by any measure that is happening under his administration.

Federal agencies slashed $18 billion in regulatory costs in 2018, saving taxpayers about $8 billion by cutting out old rules and redundancies, many imposed by the Obama regime.

“For the first time since the American Action Forum (AAF) began tracking final regulations published in the Federal Register (going back to 2005), federal agencies published net regulatory cost savings for a calendar year,” an analytical report by the organization said.

“AAF research found that in 2018 federal agencies finalized 324 regulations with estimated costs, savings, or paperwork impacts (the criteria for tracking on resulting in cost savings of $7.8 billion. The agencies added 9.9 million hours of paperwork,” said the analysis.

“We’re here today for one single reason: to cut the red tape of regulation,” POTUS Trump said in December 2017 at an event in the Roosevelt Room of the White House, standing before several reams of paper as tall as him.

He added that “the never-ending growth of red tape in America has come to a sudden, screeching and beautiful halt” under his administration, noting that he wanted to return regulations to 1960 levels.

The Washington Post reported at the time:

The administration eliminated 67 regulations between the time Trump took the oath of office and the end of fiscal 2017, according to the White House’s newly released “Unified Agenda of Regulatory and Deregulatory Actions,” while proposing just three new rules. Those regulations included imposing restrictions on how dental offices dispose of mercury, stricter energy-efficiency standards for walk-in freezers and coolers, and a new billing and reporting system for skilled nursing facilities.

The president touted that in its first 11 months, his administration “canceled or delayed over 1,500 planned regulatory actions — more than any previous president by far.”

“And you see the results when you look at the stock market, when you look at the results of companies,” he added, “and when you see companies coming back into our country.”

That said, AAF noted that there has been an uptick in regulations since then, but for the right reason.

“Rulemaking activity increased notably in the second year of the Trump administration, following the trend of other recent administrations,” the AAF report said.

“The reason for this increase is straightforward: In its second year, an administration has more personnel in place and can advance rules begun in year one. The difference for the Trump administration is that a significant portion of regulatory activity this year was deregulatory,” the report stated.

Most of the cuts came from the Health and Human Services, Transportation, and Interior Departments. The Agriculture Department, however, added more than $5 billion in regulations, due to the imposition of the “National Bioengineered Food Disclosure Standard.”

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