President Trump is keeping his promise to cut regulations and is on a course to top former President Reagan's record of slashing the mountain of red tape created by Jimmy Carter, according to two independent reports.

The Competitive Enterprise Institute said that Trump has issued 58 percent fewer major and costly regulations than former President Obama and slashed the Federal Register, the government's rule book, by 32 percent.

And American Action Forum said that the Trump administration has saved $560 million by cutting regulations and meeting its promise to eliminate two old rules for every new one.

"As the Trump Administration transitions into the new fiscal year and next phase of Executive Order 13,771, it can reasonably claim net regulatory savings of roughly $560 million under the EO's first phase. There have been some new regulatory costs, but activity on that front remains at a historically low level," said American Action's Dan Goldbeck.

CEI Vice President Clyde Wayne Crews added, "It took a few years for Ronald Reagan to achieve his ultimate, one-third reduction in Federal Register pages following Jimmy Carter's then-record Federal Register. So by this metric, Trump is moving much faster."

Both reports looked at the regulation tally at the end of the fiscal year. The Trump administration postponed its plans for a "cut the red tape" day on Monday after the Las Vegas shootings.

In his report, Goldbeck said that overall, the president has barely met its two out, one in rule but that it is on its way to major rule reduction. "With clearly ambitious targets and likely a better understanding on how to implement such programs, the Trump administration's deregulatory push does not appear to be slowing down," he reported.

Crews focused on costly "significant" rules and found them way down. "Significant rules issued, generally those with an impact of $100 million or more, are down an astonishing 58 percent compared to Obama. Trump's agencies issued 116 significant final rules during his first nine months, while Obama's issued 274 over the corresponding nine-month period in 2016. This also ignores any portion of Trump's rules that are deferrals or freezes," he reported.

And he said that big rules in the pipeline are the lowest for a first year president than any president since George H.W. Bush.

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