Trump administration touts effort to undo regulations

WASHINGTON (Reuters) - The Trump administration said late on Tuesday it has withdrawn or delayed more than 2,200 regulatory actions since taking office in January 2017 as it vows to reduce the role of government.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.

Reuters October 17, 2018 06:05:25 IST
Trump administration touts effort to undo regulations

Trump administration touts effort to undo regulations

WASHINGTON (Reuters) - The Trump administration said late on Tuesday it has withdrawn or delayed more than 2,200 regulatory actions since taking office in January 2017 as it vows to reduce the role of government.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.

(Reporting by David Shepardson; Editing by Sandra Maler)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

Oil settles up after hitting 15-month highs on demand prospects
Business

Oil settles up after hitting 15-month highs on demand prospects

By Laura Sanicola NEW YORK (Reuters) - Oil prices settled higher on Tuesday, with Brent hitting above $71 and trading at its highest since March, on expectations for growing fuel demand during the summer driving season in the United States as OPEC+ agreed to boost output. Brent crude futures for August settled up 93 cents, or 1.3%, to $70.25 a barrel after hitting $71 earlier in the session - its highest intra-day price since March 8. U.S.

Wall St ends little changed; energy gains, health sags
Business

Wall St ends little changed; energy gains, health sags

By Lewis Krauskopf, Shashank Nayar and Medha Singh (Reuters) - Wall Street's main indexes ended little changed on Tuesday, with gains in energy and financial shares countering declines in healthcare, as investors weighed the latest U.S. economic data for signs of a rebound and rising inflation. The S&P 500 financial sector hit a record high, while expected growth in fuel demand boosted oil prices and helped lift the energy sector

Zoom forecasts upbeat revenue on remote work, e-learning boost
Business

Zoom forecasts upbeat revenue on remote work, e-learning boost

(Reuters) - Zoom Video Communications Inc on Tuesday forecast better-than-expected revenue for the current quarter, after beating quarterly estimates, as the video-conferencing platform expects steady growth from remote work and online learning. Zoom became a household name during the pandemic as businesses and schools switched to its video conferencing platform for virtual classes, office meetings and social catch-ups