Donald Trump’s previous presidency focused heavily on rolling back government regulations to boost the economy. As he prepares for a new term in 2025, it’s worth examining the results of his previous efforts and what similar policies could mean for your finances in the future.
Here are five areas where deregulation can save—or cost—money.
1. Financial Regulations
In his previous tenure, the Trump administration delayed the implementation of a Labor Department rule, which was designed to ensure that financial advisers act in the best interests of their clients. This delay has raised concerns about potential conflicts of interest in financial advice.
In addition, the Economic Growth, Regulatory Relief, and Consumer Protection Act raised the asset limit for banks under strict supervision from $50 billion to $250 billion, reducing regulatory burdens on smaller banks. Critics say this could increase risks for consumers while making compliance easier for financial institutions.
Strong financial management is essential when navigating the potential risks of deregulation.
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2. Health Care Policies
The first Trump administration wants to cut parts of the Affordable Care Act (ACA). Although the ACA was not repealed, some provisions were weakened, such as the elimination of the individual penalty requiring Americans to maintain health insurance.
These changes have had mixed results, with some Americans experiencing reduced coverage and rising out-of-pocket costs. Future deregulation efforts in the new era may have a significant impact on health care accessibility and affordability.
Saving health-related costs is important when dealing with potential changes in health care policies.
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3. Environmental Regulations
During his first term, Trump rolled back environmental protections, including water quality regulations and emissions standards. The administration aimed to reduce compliance costs for businesses, particularly in industries such as energy and manufacturing.
While proponents argued these changes boosted economic activity, critics warned of long-term effects on public health and environmental sustainability. Similar policies in the second period may continue to prioritize industrial growth over environmental protection.
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4. Deregulation of the Energy Sector
Trump’s energy policies focus on encouraging domestic oil, natural gas, and coal production by easing regulations on the fossil fuel industries. This included simplifying the permit process and reducing restrictions on drilling and mining.
While these efforts reduced energy companies’ costs and improved productivity, they were criticized for contributing to environmental degradation and climate change. Future policies may also impact energy prices and the push for renewable energy sources.
Making smart decisions on energy-related spending and investments can help you stay ahead of these changes.
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5. Consumer protection
The Trump administration has targeted industries like payday loans, reducing oversight to curb predatory practices. While the deregulation has freed up some businesses, it has also raised concerns about weak consumer protection, especially for vulnerable people.
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What Trump’s Withdrawal Could Mean for Your Finances
Trump’s past attempts at deregulation have reshaped industries, affecting everything from personal finance to the environment. As he prepares for a new term, similar policies could create new opportunities for growth while posing risks to consumers.
Staying informed and proactive can help you navigate these potential changes and protect your financial well-being.
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