President Donald Trump is looking to make good on another one of this campaign promises.
Leading up to the November election, Trump promised that if elected he’d dramatically reduce regulations on businesses.
Now, less than two weeks after taking office, he’s taken an initial step to deliver on that promise.
He just signed an executive order that directs any executive department or federal agency to identify at least two existing regulations for repeal for every new regulation the department or agency wishes to enact.
The order also asks that the costs of all new regulations put forth in 2017 be offset by the elimination of existing regulations.
Trump’s order says the goal of the order is to promote financial responsibility in the expenditure of funds from both public and private sources.
Questions remain
It’s not yet immediately clear what the regulatory process will look like moving forward for the federal government.
The order doesn’t specifically state if the enactment of a new regulation can be delayed until two existing regulations are officially rescinded — or until two other regulations are marked for eventual rescission.
Certain types of regulations were excluded from being covered under this order, such as:
- regulations issued with respect to a military, national security, or foreign affairs function of the United States
- regulations related to agency organization, management or personnel, and
- any other category of regulations exempted by the director of the Office of Management and Budget.
Trump’s goal: Business expansion
Business groups and associations who’ve been clamoring for deregulation are no doubt pleased by this order.
They, along with Trump, feel as though less regulation will allow businesses to grow more easily and faster.
“This will be the largest cut by far in terms of regulation,” Trump said just before signing the order in front of members of the media and small business owners.
He then went on to add, “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 a normalized control where you can open your business and expand your business very easily and that’s what our country has been all about.”
