Former President Donald Trump has ramped up his campaign promise to significantly scale back federal regulations, committing to eliminating ten regulations for every new one implemented if he is re-elected, marking a sharp escalation from his previous administration’s policy, which required the removal of two regulations for every new regulation introduced.

Trump’s latest goal reflects a broader Republican strategy to roll back Biden-era regulations and reduce the power of federal agencies concentrated in D.C., as the Washington Examiner reports.

During a speech at the Economic Club of New York on Thursday, Trump announced this new regulatory reduction target as part of his broader agenda for a second presidential term.

A Shift from Previous Regulatory Policy

Trump’s original policy of eliminating two regulations for every new one was a cornerstone of his first term. He touted this achievement during the New York speech, stating, “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.”

Now, with an eye on the 2024 election, Trump has promised to expand this policy dramatically. “I’m pledging today that in my second term, we will eliminate a minimum of 10 old regulations for every one new regulation,” he told the crowd. “We’ll be able to do that quite easily, actually.”

Republican Efforts to Dismantle Administrative State

Republicans, including Trump, have long advocated for reducing the size of the federal government by curbing the authority of executive branch agencies. Trump's latest regulatory reduction proposal is a key part of this effort, which aims to counter the Biden administration's increase in regulations.

In particular, Trump and his supporters have criticized Biden-era regulations targeting emerging industries, including the cryptocurrency sector. Notably, Trump, who was once critical of digital currencies, now supports efforts to make the United States a global leader in cryptocurrency and bitcoin innovation.

Rolling Back Biden-Era Regulations

If elected, Trump has stated that he would rely heavily on executive orders to reverse or discard regulations established under the Biden administration. This would include a wide range of rules across various sectors, with a special focus on the cryptocurrency industry and other emerging technologies.

Additionally, Trump and Republican lawmakers plan to use the Congressional Review Act to expedite votes on repealing regulations implemented during Biden’s final year in office. This law allows Congress to quickly overturn rules established by federal agencies, providing Republicans a tool to rapidly reverse recent regulations.

REINS Act and Congressional Oversight

Another legislative tool in the Republican arsenal is the REINS Act, which Trump and GOP leaders plan to push if they regain power. The act would require congressional approval for every major new regulation proposed by federal agencies. By giving Congress more oversight, the act seeks to limit the ability of federal agencies to enact significant rules without legislative input.

This proposal aligns with the broader Republican objective of curtailing what they see as the excessive influence of the administrative state over the economy and public life.

Creation Of Government Efficiency Commission

In addition to regulatory rollbacks, Trump unveiled plans to establish a government efficiency commission. This commission would be tasked with conducting a comprehensive financial and performance audit of the federal government. Its purpose would be to identify inefficiencies and recommend major reforms aimed at streamlining government operations.

By promoting this commission, Trump has signaled that his second term would not only focus on reducing regulations but also on transforming the overall structure and function of the federal government.

Trump’s Broader Vision for Future

During his speech, Trump also expressed a desire to embrace industries of the future, a stark contrast to what he characterized as the Biden administration's attacks on innovation. “Instead of attacking industries of the future, we will embrace them, including making America the world capital for crypto and bitcoin,” Trump said.

This vision for the future includes regulatory reforms that promote innovation while removing barriers that Trump believes hinder economic growth and competitiveness.

Impact Of Trump’s Regulatory Plans

Should Trump win the 2024 election, his proposed regulatory cuts could have a significant impact on the structure of the federal government. His campaign promises signal a major shift in how federal agencies operate, with less autonomy for executive agencies and greater involvement from Congress in the rule-making process.

At the same time, Trump’s regulatory agenda could face significant resistance from Democrats and other opponents who argue that many of the regulations targeted for elimination are essential for public safety, environmental protection, and economic stability.

Conclusion

Trump's pledge to eliminate ten regulations for every new one if re-elected builds on his earlier efforts to reduce federal regulations during his first term.

By targeting Biden-era rules and increasing congressional oversight of regulatory agencies, Trump and his Republican allies aim to drastically reduce the power of the administrative state while promoting innovation in emerging industries like cryptocurrency.

His broader agenda also includes the creation of a government efficiency commission to overhaul federal operations.