Perspective
Expert insights on a timely policy issueCORPORATION
T
he entry of President Donald Trumpˉs administration has
brought renewed energy to the challenge of reducing the
cost of regulation. Te early days of the administration
were characterized by a burst of activity meant to roll back
regulation, including Executive orders (EOs) to regulate the U.S.
fnancial system, enforce a regulatory reform agenda, and reduce
regulation while controlling regulatory costs.1 Of the EOs issued
to date, the one likely to have the largest efect is EO 13771, which
seeks to reduce regulation and control regulatory costs. Specifcally,
the order states that, during fscal year (FY) 2017, an agency must
ofset the cost associated with any new regulation by °identify-
ing two existing regulations for elimination.± In subsequent years,
EO 13771 imposes a °regulatory budget± approach on agencies,
whereby the Ofce of Management and Budget (OMB) assigns a
maximum allowable cost growth for planned regulations within
each agency that is capped at zero. In other words, the cost of any
new regulation must be ofset by the elimination of costs associated
with at least two prior regulations. EO 13771 can potentially afect
every part of the economy touched by federal regulation through
the OMBˉs annual review of regulation.2
Te concept of a regulatory budget is not new. Supporters of
regulatory reform have long argued that the growing costs associ-
ated with regulations have increased production costs for busi-
nesses, thus increasing consumer prices and inhibiting economic
growth.3 Reform proponents have also expressed concern that
current approaches for evaluating the efects of proposed regula-
tions using cost-beneft analysis are biased and that a regulatory
budget would force agencies to make hard choices about priorities
that they would otherwise avoid. Te questions for this Perspective
are, how well does EO 13771 address reform proponentsˉ concerns,
and, perhaps more importantly, what challenges does it present
from an implementation perspective
To understand these issues, we begin by discussing the concept
of the regulatory budget and the ways in which proponents of regu-
Inching Toward Reform: Trumpˉs Deregulation
and Its Implementation
Benjamin M. Miller, Frank Camm, Marjory Blumenthal, Jesse Lastunen, Kenneth W. Miller
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ó′ìíó￡±×￠￡oD±¨latory reform hope to use it to address gaps in the existing federal
framework guiding regulatory oversight. We then examine how
EO 13771 fts into the existing regulatory landscape, the extent to
which it addresses reform proponentsˉ concerns, and potential chal-
lenges associated with its implementation.
The Co
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