'We are defending democracy' with regulation cuts

Watch live: Trump addresses deregulation

Trump cut literal red tape while standing next to a massive pile of paper to make a point about big government

The president then stood between one pile of papers, labeled "1960", and the other, much larger stack labeled "Today", and cut a piece of red tape stretched between the two with gold scissors.

"Today I'm proud to announce we beat our goal by a lot", he said.

"President Trump on Thursday touted his record of cutting federal regulations - claiming the rules delayed infrastructure projects, forced businesses to close and cost millions of jobs".

In a statement released after Trump's remarks, the White House said agencies have issued 67 deregulatory actions while imposing only three new regulations.

The president appears to be counting regulations that the administration has delayed or proposed to withdraw as already being eliminated, Coglianese explained. "We aimed for two-for-one, and in 2017 we hit 22-for-one".

"By ending excessive regulation, we are defending democracy and draining the swamp", Trump said.

Deregulation has been a priority during a year in which Mr Trump's legislative agenda has faced headwinds.

Watch live: Trump addresses deregulation

The president said red tape has come to a screeching halt. "Because of our regulatory and other reforms, the stock market is soaring to new levels".

"I think that Senator Rubio will be there, for sure", Mr. Trump said. But Mr. Trump said that goal has been exceeded.

Agencies also had to offset any new regulatory costs with cuts by eliminating existing rules.

Trump promised to continue the deregulatory push in the second year of his administration.

"I don't know if we'll have any left to cut, but we'll always find them", he said. "But apparently President Trump is", said Amit Narang, a regulatory policy advocate at Public Citizen.

Trump said his administration is going to protect the health and safety of workers, water, air and our country's natural beauty. She reminded reporters that regulators still have to go through the rulemaking process to get rid of a rule, which takes time.

NY woman laundered bitcoin to aide ISIS
If convicted on all charges, Shahnaz could be sentenced to as many as 90 years in prison, according to the attorney's office. She then allegedly transfer the laundered funds out of the country to support ISIS, prosecutors allege.

Latest News