In a new insight, Director of Regulatory Policy Dan Goldbeck reviews the Trump Administration’s deregulatory actions in fiscal year (FY) 2026 and considers the impact of proposed rules agencies are likely to finalize over the next year.

Key points:

• In FY 2026, federal agencies published approximately $1.5 trillion in self-reported regulatory cost reductions under the administration’s updated regulatory budget program.
• While a vast majority of this sum comes from just three rules, agency rulemaking activity over the past fiscal year has been firmly on the deregulatory side of the ledger, bringing the overall Trump 2.0 cost savings total to nearly $1.6 trillion.
• As in President Trump’s first term, it is possible the administration’s deregulatory efforts have reached their apogee in the second year, with the most consequential rulemakings that are still under development potentially yielding sizable net costs.

Read the analysis.