President Donald Trump signed an executive order on Monday that would roll back regulations, fulfilling a promise that he made on the campaign trail, CNBC reported.
The action intends to slash two regulations for every new regulation that is implemented and sets a budget of $0 for new regulations for the coming year.
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Trump says the executive action will implement "the largest ever cut by far in terms of regulation."
"There will be regulation, there will be control, but it will be a normalized control," said the president.
Federal agencies will decide what rules they want to roll back, and the White House will review them.
"The White House has already put a temporary regulatory freeze in place, but the order establishes the process for when the freeze ends," the article states. "The Office of Management and Budget, which Trump has tapped budget hawk Mick Mulvaney to lead, will have discretion to give the agencies guidance."