President Donald Trump signed an executive order on Monday that will require two existing federal agency regulations to be eliminated for every new regulation created.
While signing the order, Trump was surrounded by a group of small business owners, as well as Doug McGahn, Reince Priebus, Jared Kushner, Andrew Bremberg and Gary Cohn. He said:
“This will be the biggest such act that our country has ever seen. There will be regulation, there will be control, but it will be normalized control.”
The two-for-one deal is a signature campaign promise the Trump team laid out last year.
In a video address following the election last November, Trump laid out the list of priorities on his agenda for his first 100 days in office. It includes:
“On regulation, I will formulate a rule which says that for every one new regulation, two old regulations must be eliminated. So important.”
According to Yahoo News, the executive order will initiate a process that caps the cost of new regulations by requiring their implementation to be offset by elimination of other rules.