President Donald Trump signed an executive order that requires federal agencies cut two regulations for every new regulation they add.
"If you have a regulation you want, number one, we're not going to approve it because it's already been approved probably in 17 different forms," Trump said, according to NBC News. "But if we do, the only way you have a chance is we have to knock out two regulations for every new regulation. So if there's a new regulation, they have to knock out two."
"This will be the biggest such act that our country has ever seen," Trump added, according to Reuters. "There will be regulation, there will be control, but it will be normalized control."
According to an administration official, the order also sets in place a process to implement a cap on the number of regulations federal agencies can create each year.
Popular VideoThis young teenage singer was shocked when Keith Urban invited her on stage at his concert. A few moments later, he made her wildest dreams come true.
The current order sets a budget for new regulations, but exempts military, national security, and national emergency situations.
Before signing the order, Trump met with a group of business leaders and vowed to create a pro-business climate.
"We're going to create an environment for small business like we haven't had in many, many decades," Trump said, according to NBC News. "This isn't a knock on President Obama, this is a knock on many presidents preceding me. It's a knock on everybody."
The executive order on regulations is another example of Trump using his executive powers to put forth issues he made a major part of his presidential campaign.
Popular VideoThis young teenage singer was shocked when Keith Urban invited her on stage at his concert. A few moments later, he made her wildest dreams come true:
In October, 2016, about one month before the election, Trump railed against what he described as unnecessary regulation.
"I would say 70 percent of regulations can go," Trump said at the time, according to Reuters. "It’s just stopping businesses from growing."
"We need regulation but immediately every agency will be asked to rate the importance of their regulations and we will push to remove 10 percent of the least important," he added.