By Lalit K JhaWashington, Dec 15 (PTI) US President Donald Trump todaytalked up his works on deregulation, saying that hisadministration is getting rid of the "job-killingregulations".
Addressing journalists inside the Roosevelt Room of theWhite House, Trump said his administration had cancelled ordelayed over 1,500 planned regulatory actions to date.
"For the first time in decades, the government achievedregulatory savings," Trump said.
Delivering on his presidential campaign promise, Trumphad, early in his presidency, put out an order which said thatfor every one new regulation, two old regulations must beeliminated.
"We blew our target out of the water," he boasted today.
Trump said his administration is conducting the mostfar-reaching regulatory reform process in American history.
"WeÂ’re scrapping and really doing a job in getting rid ofthe job-killing regulations that threatened our autoworkersand have devastated their jobs over the years. But theyÂ’re allmoving back (into our country)," he said.
According to Trump, those regulations that are in placedo the job better than all of the other regulations, and theyallow them to build and create jobs.
"We are now reducing the size, scope, and cost of federalregulations for the first time in decades, and we are alreadyseeing the incredible results," he said.
The results, he said, were evident in the "record" levelof the stock market.
"Because of regulatory and other reforms, the stockmarket is soaring to new record levels, creating USD 5trillion of new wealth. And the USD5 trillion was as of aboutthree weeks ago, so I assume we probably hit USD 6 trillion,almost," he said.
"Unemployment is at a 17-year-low, wages are rising,economic growth has topped 3 per cent. Two quarters in a rownow we've had that. And except for the hurricanes, we wouldhave almost hit four percent," he said.
Trump said his administration had "decades of excessregulation" to remove, adding that he is challenging hiscabinet to find and remove every single outdated, unlawful,and excessive regulation currently on the books.
After concluding his speech, Trump literally cut the redtape on regulation.
There were two stacks of white office paper in the room.
One was labelled "1960" and was about shin-high; the other waslabelled "TODAY," and around 6Â’3Â’Â’. Trump explained that in1960, there were 20,000 pages of federal regulations, comparedto 185,000 pages today.
Trump was handed a pair of gold scissors with which hecut through the piece of red tape connected to the two stacksof paper.
"When Americans are free to thrive, innovate, andprosper, there is no challenge too great, no task too large,and no goal beyond our reach," he said.
"WeÂ’re getting back below the 1960 level, and we'll bethere fairly quickly," he added. PTI LKJCHT.
This is unedited, unformatted feed from the Press Trust of India wire.