USDOT Touts $90 Billion in Savings From New Reforms Like H.O.S. Final Rule
Washington D.C. – The United States Department of Transportation (USDOT) is touting regulatory reform actions that it claims has saved $90 billion in costs to the economy and consumers under the Trump Administration’s leadership.
On Thursday, USDOT Secretary Elaine Chao praised the efforts of the USDOT to both cut burdensome regulations and enact reforms to benefit consumers and businesses.
“Tackling overly bureaucratic, inflexible, outdated government regulations that don’t contribute to increased safety benefits the public, helps spur economic growth and creates jobs,” said Sec. Chao.
Since 2017, the USDOT has achieved increasing cost savings every year and has already surpassed its Fiscal Year (FY) 2020 goal of $40 billion in net cost savings by a wide margin, according to a Department release.
At its peak, the USDOT was issuing 23 deregulatory actions for every new significant regulatory action.
One success the Department pointed to was the newly issued Hours of Service Final Rule for professional truckers.
The USDOT says once the new HOS regulations are enacted, they will reduce regulatory costs by more than $4 billion.
Sec. Chao’s statements come one day after the Trump Administration announced an “historic” step to speed permitting approvals for major infrastructure projects.
Speaking from a United Parcel Service (UPS) facility in Atlanta, GA on Wednesday, President Donald Trump announced his Administration is finalizing a proposed rule to reform the National Environmental Policy Act (NEPA).
“We are here today to celebrate a historic breakthrough that will transform the lives of workers and families all across our nation,” President Trump said. “For decades the single biggest obstacle to building a modern transportation system has been the mountains and mountains of bureaucratic red tape in Washington D.C.”
The President said under the new reforms to NEPA, the federal government will cut permitting time from up to 20 years or more down to two years or less.
Click HERE to read what ATA had to say about the NEPA reforms.
In addition to announcing the reforms to NEPA, President Trump also used it as an opportunity to draw a clear distinction between himself and the presumptive Democratic nominee for president, Joe Biden, particularly on the issue of regulations.
“The last administration increased the Federal Register by 16,000 pages of job killing regulations,” the President blasted. “Under my administration, we have cut the Federal Register by nearly 25,000 pages… more than any president in history.”
Photo courtesy Wisconsin DOT