At a Cabinet meeting on Wednesday, OMB Director Russell Vought spoke about the reconciliation bill and regulations.
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00:00We're obviously involved in a number of budget bills that are moving, trying to make sure all of your priorities are reflected in the reconciliation, working on our upcoming budget. Wonderful job by the entire cabinet on that front, details seen on that front, sending up rescission bills to Congress for things that Elon has found.
00:19But the regulatory aspect is something we don't talk about enough, and right now you've given us a goal of 10 for 1. We are working right now with all of the agencies to rack up how big of a deregulatory agenda that we can have.
00:32When you came into office, you basically stopped $200 million in costs to American families just by stopping the Biden regulatory agenda. That's about $2,000 per family.
00:43We think when we're going to hit these 10 for 1 goals that we could be in the neighborhood of about $900 billion in savings to American families that would be substantially bigger than that $2,000 number.
00:56And the point that I would make in addition to just savings cheaper to the American people, there's an aspect of wisdom when you're enforcing these rules that comes into play.
01:08And I'm your regulator for the Consumer Financial Protection Bureau, and we found this small mortgage lender in Chicago, his name is Barry Stern.
01:19They had a firm called Townstone.
01:22And CFPB had gone after him because he complained about crime in Chicago, literally the same thing that the Democrat mayor had talked about.
01:31And they came after him for seven years on a redlining, disparate impact claim and ruined his life.
01:40We overturned that. We apologized on your behalf to the individual.
01:45And we basically, without having to go through notice and comment, we ended the policy that set that in motion.
01:52And so that's happening across these agencies with how they are using their enforcement discretion, and it will only continue based on the stone wall of backing that you've given us to make these hard calls.
02:05I don't think they're actually that hard, but no one's done it to this point, and we haven't.
02:09We were able to go forward and do that with the backing that you've given us.
02:12So maybe the biggest thing we're working on, maybe bigger than tariffs in a certain sense, is the, we call it the one big beautiful bill.
02:19And that's wielding its way right now through the Senate, and John Thune has been actually amazing.
02:27And the Speaker has been so great in Congress, Mike Johnson, has been really two guys that, they get along great, and it's just been a beautiful unified attack, really, because we have to attack, because the Democrats are trying to stop it at every turn.
02:45It would mean a 58 percent tax hike if they were successful, and lots of other bad things beyond the tax hike.
02:52But with us, it will be the biggest tax cut in American history.
02:57How are we doing with the bill?
02:58We're doing great.
03:00We're day in, day out, hour by hour negotiations to make sure your stuff is in there, and to make sure we have the border resources, the defense resources,
03:08and to save the people some tax money, and make sure all those tax cuts that you ran on are in there that help get people back in the workforce.
03:17And I think we're making a ton of progress.
03:20Yeah, I think we're doing well.
03:23Like I said, the biggest tax cut in the history of our country, and it would be the biggest tax increase if the Democrats are successful.
03:31They're the only people I've ever seen running for office where they want to increase taxes, but this would be a 58, maybe a 60 percent tax increase.
03:41Unsustainable for the American people.
03:42Thank you very much.
03:43Great job.