Business owners may enjoy massive benefits from President Donald Trump’s newest executive order, in which the aim is to decrease federal regulations.
“This will be the biggest such act that our country has ever seen. There will be regulation, there will be control, but it will be normalized control,” Trump said on Monday.
He started off the week signing the order in the Oval Office in the presence of small business owners. The new order will essentially put a cap on the cost of new regulations. It will also require agencies to cut two regulations for every new regulation put forward.
This order is in line with one of many promises President Trump made during his campaign.
The White House’s Office of Management and Budget (OMB) will still review major regulations under Trump’s new order, but agencies will now have to report their two proposed regulation cuts.
According to Reuters, military and national security regulations will be exempt from this new order.
“The American dream is back,” President Trump told a group of small business owners at a White House breakfast Monday morning. “We’re going to create an environment for small business like we haven’t had in many, many decades.”
Related News: Federal Agencies Pushing “Midnight Regulations”
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