During his first term in office, Trump pushed the idea that for every one regulation that was created, two others must be taken off the books. This week, Trump upped that to 10 cut regulations for every one added to the federal register.
“I’m proud to be the only president in modern history to achieve a net regulatory reduction during my term, and it was a substantial reduction,” Trump said during a speech at the Economic Club of New York on Thursday.
“I’m pledging today that in my second term, we will eliminate a minimum of 10 old regulations for every one new regulation,” Trump told the crowd. “We’ll be able to do that quite easily, actually.”
Trump blasted the regulatory expansion pursued under President Joe Biden and tied it to Vice President Kamala Harris, who is running against Trump in the November presidential contest after Biden, who faced low approval and concerns about his age, bowed out of the race.
Republicans have vowed to greatly reduce the size of the administrative state, a term used to describe executive branch agencies that have the power to write and enforce rules with little input or direction from Congress.
The Biden administration has also sought to further regulate the cryptocurrency industry, which Trump has recently embraced and encouraged.
“Instead of attacking industries of the future, we will embrace them, including making America the world capital for crypto and bitcoin,” Trump said.
Republicans have accused federal agencies of using the rulemaking process to circumvent Congress’s legislative authority and rework the law to conform to the Left’s liberal priorities that would not be able to gain approval from lawmakers.
The dial-back of Biden-era rulemaking would be multifaceted.
Trump would unilaterally try to revise, revamp, and toss out Biden-era rules through the power of executive orders, while Congress and Trump would jointly attempt to scrap rules passed during Biden’s last year using the Congressional Review Act, a tool that allows for expedited votes to cancel recently imposed regulations.
Additionally, Republican lawmakers would pass legislation to overhaul Biden rules — and reform the rulemaking and approval process itself.
For instance, one plan is to pass the REINS Act, which would require Congress to approve every new “major rule” proposed by federal agencies before they go into effect.
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Also on Thursday, Trump proposed the formation of a government efficiency commission, something Tesla founder Elon Musk proposed during a conversation with the former president earlier this year.
Trump said the commission would perform “a complete financial and performance audit of the entire federal government” and make recommendations for “drastic reforms” to the system.
