President Trump has gone farther and beyond his promise to cut two rules for every one new regulation introduced, and instead has cut 22 regulations for every new rule introduced this fiscal year 2017, reports the Washington Free Beacon.

Agencies and departments issued 67 deregulatory actions and imposed only three new rules in the fiscal year 2017, according to senior administration officials.

Trump made the announcement beside a mountain of paperwork that makes up the Federal Register and cut a red ribbon that connected the huge pile to a much smaller pile that represents the regulatory code in the 1960’s.

“Within the first eleven months, we canceled or delayed over 1,500 planned regulatory actions, more than any previous president, by far,” Trump said. “And you see the results, when you look at the stock market, the results of companies, and when you see companies coming back into our country.”

“Instead of eliminating two old regulations for every one new regulation, we have eliminated 22” he said. “Twenty-two. That’s a big difference. We aimed for 2 for 1, and in 2017, we hit 22-1.”

A senior official said the administration deregulatory moves were taken in careful and mindful ways and have saved $8.1 billion in lifetime net regulatory costs.

Trump clarified that regulations that are related to worker protections, clean air, and water would remain.

What Trump did say his administration is targeting are the “ever-growing maze of regulations, rules, restrictions” that have “cost our country trillions and trillions of dollars, millions of jobs, countless American factories, and devastated many industries,” he said.

Under the Obama administration, he imposed a record of 600 major regulations, adding rules that cost the economy $100 million or more at a rate of every three days.

“‘The Trump administration has withdrawn or delayed 1,579 planned regulatory actions. This includes 635 regulations that were withdrawn, 244 regulations that were made inactive, and 700 regulations that were delayed,’ reports The Washington Free Beacon.”

Trump has promised to get the Federal Register to the 1960’s levels by next year, which in the 1960’s was about 20,000 pages long; now the register is 185,000 pages long.

In fiscal year 2018, agencies and departments have committed to cutting $9.8 billion in lifetime costs for regulations, saving $686.6 million per year.

“We’re going to cut a ribbon because we’re getting back below the 1960 level,” Trump said, holding a pair of gold scissors. “And we’ll be back there fairly quickly.”