On the heels of President Trump's new executive order to kill two regulations for every one he institutes, Congress this week stands ready to kill a handful of former President Obama's "midnight regulations" that were set to cost businesses and consumers $5.7 billion.

What's more, the moves will put into action a series of cuts to burdensome regulations, many in the financial and environmental industries, that will save the country tens of billions of dollars.

"The Obama administration was busy during its 'midnight' period for regulation, breaking records for December regulatory output, and publishing $157 billion in regulations," according to a new report from the regulatory watchdog American Action Forum.

"With votes this week in the U.S. House, repeals could save more than $5.7 billion in regulatory costs and 2.6 million paperwork burden hours," added the report provided to Secrets.

Sam Batkins, the director of regulatory policy at the American Action Forum, said that Capitol Hill plans to use the Congressional Review Act (CRA) to repeal the Obama Administration regulations. Just 10 regulations could yield $40 billion in regulatory savings and more than 3.7 million paperwork burden hours, he said.

And if Trump gets very aggressive, a total of $85 billion in regulations could be repealed this spring.

This week, the target is on regulations that cost the economy $5.7 billion.

Batkins explained:

House Majority Leader Kevin McCarthy has already unveiled a list of five regulations the chamber will examine this week under the CRA: natural gas on federal lands, resource extraction, stream protection, contractor blacklisting, and a firearms measure from the Social Security Administration. Combined, repeal of these five measures could save $5.7 billion and 2.6 million hours. In one week, the House could save every American taxpayer $42 and the equivalent of 1,344 work-years of time. The Senate is expected to disapprove of these five regulations as well.

Paul Bedard, the Washington Examiner's "Washington Secrets" columnist, can be contacted at pbedard@washingtonexaminer.com