President Trump Donald John TrumpSteele Dossier sub-source was subject of FBI counterintelligence probe Pelosi slams Trump executive order on pre-existing conditions: It 'isn't worth the paper it's signed on' Trump 'no longer angry' at Romney because of Supreme Court stance MORE's approach to federal regulations will raise real incomes annually by $3,100 per household after five to 10 years, the White House Council of Economic Advisers (CEA) estimated in a report released Friday.

“Deregulation is the cornerstone of the president's pro-growth economic policies,” Tomas Philipson, a CEA member, said on a call with reporters.

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The Trump administration has rolled back regulations issued by previous administrations and has also introduced new regulations at a slower rate than past administrations.

CEA focused much of its report on 20 of the administration's deregulatory actions, which it said will save consumers and businesses about $220 billion per year once they fully take effect.

The council said that the Trump administration's actions will have a bigger impact than the deregulation of the trucking and airline industries started under former President Jimmy Carter Jimmy CarterTexas Democrats roll out first wave of planned digital ads as Election Day nears Chris Matthews ripped for complimenting Trump's 'true presidential behavior' on Ginsburg Warning signs flash for Lindsey Graham in South Carolina MORE's administration.

CEA said that the administration's approach to regulations reduces prices in areas such as health care and telecommunications.

"These deregulatory actions are raising real incomes by increasing competition, productivity, and wages and by reducing the prices of consumer goods, while maintaining regulatory protections for workers, public health, safety, and the environment," CEA wrote.

CEA estimated that the portion of Trump's tax law repealing ObamaCare's individual mandate will save people $28 billion per year, and it estimated that the measure Trump signed last year to roll back parts of the Dodd-Frank banking law will produce savings of $6 billion per year.

Robert Weissman, president of the consumer advocacy group Public Citizen, criticized the report.

"This is bad fiction," he said.

For example, Weissman argued that the administration's actions in the drug-pricing area have only had a trivial impact. He also argued that the report ignored benefits of regulations.