Trump signs executive order to drastically cut federal regs
“One in-Two Out”
President Trump on Monday signed an executive order to significantly reduce the amount of federal regulations on U.S. businesses.
The order attempts to fulfill Trump’s “one in-two out” campaign promise — to rescind two regulations for every one that he signs.
“We have to knock out a regulation for every two, but it goes far beyond that,” Trump said in signing the order, after meeting at the White House with a group of small business owners.
“We will begin efforts to reduce federal regulations,” Trump said. “We’ll be reducing them big time.”
The executive order creates a regulatory budget of $0 for fiscal 2017, an official told Fox News, meaning any new “burdens” would have to be offset.
However, the order also puts in place a process for the Office of Management and Budget to keep or adjust that number in future years.
The military and national security are exempt from the order.
The order also requires agencies presenting OMB with new regulations to show what they have eliminated.
And the order has some flexibility: An agency can determine the two cuts, the White House can have input and the OMB director can make emergency exceptions.
Officials explained that the memo the White House recently issued on temporary regulation freezes remains in place and that the executive order sets up the process going forward.