WASHINGTON — The U.S. Department of Transportation (DOT) announced in a statement July 16 that the agency has saved $90 billion in regulatory costs to the economy and consumers under the Trump administration’s leadership. Since 2017, the statement continues, DOT has achieved increasing cost savings every year and has already surpassed its fiscal year 2020 goal of $40 billion in net cost savings by a wide margin.
“Tackling overly bureaucratic, inflexible, outdated government regulations that don’t contribute to increased safety benefits the public, helps spur economic growth and creates jobs,” said U.S. Transportation Secretary Elaine Chao.
DOT says the agency has “far exceeded” the regulatory budgeting goals established under Executive Order 13771, also known as the “2-for-1” Executive Order, and is leading the way in reforming its regulatory process. At its peak, DOT was issuing 23 deregulatory actions for every new significant regulatory action without compromising safety.
Key DOT Regulatory Reforms for fiscal year 2020 include:
- Hours of Service (HOS) Rule will reduce regulatory costs by more than $4 billion and provide relief and flexibility for commercial truck drivers.
- SAFE Vehicles Rule, issued with the Environmental Protection Agency, will reduce regulatory costs by as much as $163 billion and boost new vehicle sales by up to 2.7 million vehicles by model-year 2029, making the U.S. fleet safer and more affordable.
- LNG by Rail enhances the nation’s energy infrastructure by enabling the safe transportation of liquefied natural gas (LNG) by rail to more parts of the country where this energy source is needed.