President Trump Signs Executive Order to Eliminate 10 Regulations for Each New Regulation Issued
In a move to boost prosperity and unleash economic growth, President Donald J. Trump has signed an Executive Order aimed at reducing regulations. The new Order mandates that for every new rule, regulation, or guidance issued by an agency, at least 10 existing rules, regulations, or guidance documents must be repealed. This bold initiative is expected to streamline bureaucracy and cut red tape, making it easier for businesses to thrive and create jobs.
The Director of the Office of Management and Budget will play a key role in overseeing the implementation of this Order, ensuring that regulatory costs are measured and estimated in a standardized manner. Additionally, the Order sets a target for fiscal year 2025, where the total incremental cost of all new regulations, including repealed ones, should be significantly less than zero. This cost-saving measure is designed to boost economic growth and improve the overall business climate in the country.
Putting a Stop to Overregulation
President Trump’s Executive Order also aims to halt the regulatory onslaught that has characterized the Biden Administration. The previous administration imposed a staggering $1.7 trillion in costs on the American people through excessive regulations. Overregulation has been shown to stifle entrepreneurship, hinder small business growth, limit consumer choice, and impede innovation. It also leads to higher energy prices and contributes to the overall cost of living for American citizens.
Building on Past Success
President Trump’s first term saw a significant reduction in regulations, with agencies tasked to eliminate two regulations for every new one issued. The results exceeded expectations, as the administration was able to eliminate five and a half regulations for every new regulation put in place. This latest Executive Order builds on that success, aiming to further improve the daily lives of Americans by cutting unnecessary, burdensome, and costly federal regulations.
By focusing on regulatory reform, President Trump is demonstrating his commitment to fostering a business-friendly environment that encourages growth and prosperity. This latest Executive Order is a bold step towards reducing government interference and empowering businesses to thrive in the competitive market. With a renewed focus on deregulation, the Trump Administration is paving the way for a more prosperous and innovative future for all Americans.
