President Trump signed an executive order Monday that will require federal agencies to eliminate two existing regulations for every new one created, fulfilling another signature campaign trail promise.
The president signed the order from the Oval Office minutes after emerging from a roundtable with small business owners, who surrounded the Resolute desk as Trump praised the rule.
“This will be the biggest such act that our country has ever seen,” he said.
Trump was joined by five of his senior aides: Doug McGahn, Reince Priebus, Jared Kushner, Andrew Bremberg and Gary Cohn.
The administration has described the directive as a “one in, two out” plan that will slash cumbersome regulations that impede economic growth and innovation. Trump had rolled out the proposal during the general election, vowing to make it one of his first actions as president.
“Whenever an executive department or agency publicly proposes for notice and comment or otherwise promulgates a new regulation, it shall identify at least two existing regulations to be repealed,” the order reads.
Trump has also directed the Office of Management and Budget to ensure each executive agency complies with an annual allowance that restricts the costs associated with issuing new regulations and repealing existing ones.
“No regulations exceeding the agency’s total incremental cost allowance will be permitted in that fiscal year,” the order states.
Trump’s latest executive action comes on the heels of a controversial step taken by the administration last Friday to institute a 90-day ban on immigration from seven Muslim-majority countries.
Trump has signed 19 executive orders since he took office on Jan. 20, with more expected to come this week. Read his latest order below:
