U.S. Department of Transportation Announces $90 Billion in Savings Through Regulatory Reforms
WASHINGTON – The U.S. Department of Transportation (DOT) today announced it has saved $90 billion in regulatory costs to the economy and consumers under the Trump Administration’s leadership. Since 2017, DOT has achieved increasing cost savings every year and has already surpassed its Fiscal Year (FY) 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“Tackling overly bureaucratic, inflexible, outdated government regulations that don’t contribute to increased safety benefits the public, helps spur economic growth and creates jobs,” said U.S. Transportation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 L. Chao.
DOT 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 FY 2020:
• 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.
• Hours of Service Rule will reduce regulatory costs by more than $4 billion and provides relief and flexibility for commercial truck drivers.
• LNG by Rail enhances our 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.
DOT continues to maintain the largest number of regulatory reform actions by any Federal department or agency. Additionally, DOT was the first Federal department to codify reforms to its rulemaking, guidance, and enforcement practices, which enhance transparency and strengthen due process.