On Monday, January 30, President Donald Trump signed an executive order which reduces federal regulations by requiring federal agencies to eliminate two existing regulations for every new regulation implemented.
Regulation categories concerning national security or the military will be exempt from the executive order. The executive order does not require that the repeal of the two existing regulations occur simultaneously with the introduction of the new regulation.
Major regulations are typically overseen by the Office of Management and Budget (OMB) which will be responsible for ensuring that all federal agencies comply with the President’s one in/two out requirement.
For 2017, President Trump is instituting a budgetary cap on regulations meaning that the cost of any new regulation be offset by the elimination of other regulations. President Trump has selected South Carolina House Representative Mick Mulvaney to lead the OMB.
The executive order does not cover regulations which were introduced by independent agencies which crafted some of the requirements of the 2010 Dodd-Frank Wall Street reform law, including the Securities and Exchange Commission and the Commodity Futures Trading Commission.
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