On January 30th, President Donald Trump signed an Executive Order (EO) Reducing Regulation and Controlling Regulatory Costs. The Executive Order is intended to cut regulations and fees to assist small and large businesses alike.
The main action of this EO is requiring federal agencies to eliminate two regulations for each new one introduced:
Sec. 2. Regulatory Cap for Fiscal Year 2017. (a) Unless prohibited by law, whenever an executive department or agency (agency) publicly proposes for notice and comment or otherwise promulgates a new regulation, it shall identify at least two existing regulations to be repealed.
Furthermore, any costs incurred by new regulations must be “offset by the elimination of existing costs associated with at least two prior regulations.
“This will be the biggest such act that our country has ever seen,” Trump told the press. “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.”To find out more about this topic, click here.