WASHINGTON—The White House Office of Management and Budget (OMB) announced on Friday that federal agencies cut 646 regulations while introducing only five new ones in fiscal year 2025, surpassing the target set by President Donald Trump.
In total, cutting red tape has saved $211.8 billion, which is more than $600 for every American, according to the OMB.
Agencies reduced 129 regulations for every regulation issued, thereby exceeding the president’s 10-to-1 target.
“The Trump Administration’s deregulatory agenda is the most ambitious in American history,” White House OMB Director Russ Vought said in a statement.
“We have blown far past the target 10-to-1 deregulatory ratio in President Trump’s Executive Order, saving hundreds of billions for the American people. In less than one year we have already achieved more savings than in all four years of the prior Trump Administration, and we’re just getting started.”
One significant change was ending the Transportation Security Administration’s rule that required travelers to remove their shoes during airport screenings, which saved $25.4 billion, the OMB stated.
Another deregulatory action involved removing the Financial Crimes Enforcement Network’s rule that required American companies and individuals to share personal information with the government. This change reduced compliance costs and saved $128.6 billion.
The FDA also removed a recent regulation on medical devices and lab-developed tests that would have led to high compliance costs and slowed innovation, saving $20.3 billion. The Federal Housing Administration at HUD eased mortgage requirements that created extra paperwork for lenders and delayed loan approvals, saving $1.4 billion.
Other actions across the executive branch included removing expensive diversity, equity, and inclusion requirements, the OMB said.
“This practice is to ensure that the cost of planned regulations is responsibly managed and controlled through a rigorous regulatory budgeting process,” Trump wrote.
Since his first term, Trump has made cutting red tape a key element of his economic agenda.
According to his executive order, these actions would improve opportunities for businesses and job seekers while strengthening national security. It also aims to cut unnecessary expenditures for taxpayers.
During his first term in office, Trump oversaw a rate of 8.5 regulations rolled back for every new one implemented—outpacing the 2-to-1 ratio he promised on the campaign trail.
Those reductions had the potential to reduce costs by up to $220 billion, according to a White House statement at the time.
Deregulation legislation passed by Congress and signed into law by the president in 2019 boosted real incomes by more than $40 billion annually, according to the statement. In total, those prior deregulation efforts led to more than 6 million new jobs and increased wages, the White House estimated.
