On Monday, President Donald Trump signed an executive order which requires that for every new federal regulation that is implemented, two must be rescinded in response, fulfilling a campaign promise he made to small business owners.
“This will be the biggest such act that our country has ever seen,” Trump said as he signed the order. “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.”
“If you have a regulation you want, No. 1, we’re not gonna approve it because it’s already been approved probably in 17 different forms,” the President said. “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.”
“We’re cutting regulations massively for small business — and for large business,” he continued. “But they’re different. But for small business, and that’s what this is about today.”
Speaker of the House, Paul Ryan, said in a statement on Monday that it was a good way to repeal a number of the regulations put in place by the Obama administration.
“The explosion of federal regulations has hamstrung small business growth and crippled our economy,” Ryan said in the statement. “President Trump’s executive order helps bring the nation’s regulatory regime into the 21st century by putting regulators on a budget, and addressing the costs agencies can impose each year.”