By Lydia Wheeler and Lisa Hagen, The Hill.
President Trump on Monday signed an executive order that would require agencies to revoke two regulations for every new rule they want to issue.
The executive order is aimed at dramatically rolling back federal regulations, one of his top campaign promises.
Trump met with a handful of small business owners at the White House prior to signing the order.
He called the executive order “a big one," according to a pool report.
“We want to make ... life easier for small businesses,” he said, adding that it would also benefit large businesses. “There can’t be any discrimination.”
The order requires agencies to control the costs of all new rules within their budget. Agencies are also prohibited from imposing any new costs in finalizing or repealing a rule for the remainder of 2017 unless that cost is offset by the repeal of two existing regulations.
Trump's order does make exceptions for emergencies and national security.
Starting in 2018, the order calls on the director of the White House Office of Management and Budget to give each agency a budget for how much it can increase regulatory costs or cut regulatory costs.
Senior administration officials touted it as the “most significant administrative action in the world of regulatory reform since President Reagan created the Office of Information and Regulatory Affairs (OIRA) in 1981."
OIRA is tasked with reviewing and signing off on all proposed and final rules before they are published in the Federal Register.
Trump on Monday said he wasn't done targeting regulations, reiterating his campaign promise to try and cut 75 percent of rules.