Regulatory Rollbacks Under Trump Linked to Higher Costs for Americans, Not Savings

Last year, the Biden administration implemented regulations that reduced credit card late fees, with government evaluations estimating that this change would save millions of consumers an average of $220 annually.

These measures were projected to collectively save American households roughly $10 billion each year, primarily by cutting down on bank penalty fees.

However, after the Trump administration repealed this regulation, the Department of Government Efficiency (DOGE), a cost-cutting initiative led by Elon Musk, asserted that this reversal would instead save Americans $9.5 billion.

DOGE’s recently published "Agency Deregulation Leaderboard" claims that the Trump-era regulatory rollbacks have saved Americans a total of $29.4 billion by undoing rules related to health insurance, bank fees, appliance efficiency, and other sectors.

Contrary to these claims, experts and government data suggest many of these rollbacks will impose greater costs on individuals through increased bank fees, utility bills, and health insurance premiums. A review of the leaderboard’s top ten claims found several lacked evidence of actual savings for households.

For example, the leaderboard credits the Energy Department’s proposal to reverse sixteen appliance efficiency standards—covering items such as dishwashers and microwaves—with saving Americans $4 billion. Yet, official government assessments indicate that these efficiency standards saved the average household approximately $576 in 2024 alone on water and energy expenses.