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Trump Signs Executive Order On Regulation: “For Every New Regulation, Two Regulations Must Be Revoked”

RELATED: Why The Cold War Between Tech CEOs and Trump Is About To Go Nuclear

from Zero Hedge:

President Trump has signed an executive action to revoke two regulations for every one enacted, or as officials told AP, that they are naming the new directive a “one in, two out” plan. Federal agencies will need to revoke two regulations for every new regulation they request, and the White House will review the proposal, according to administration officials.

President Trump has signed an executive action to revoke two regulations for every one enacted, or as officials told AP, that they are naming the new directive a “one in, two out” plan. Federal agencies will need to revoke two regulations for every new regulation they request, and the White House will review the proposal, according to administration officials.

The order sets a budget of $0 for new regulations in 2017 and the administration will set a regulation budget each year, the official said on customary condition of anonymity. Military and national security regulations are exempt.

“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 as he signed the order in the Oval Office, surrounded by a group of small business owners.

Trump’s latest executive action will prepare a process for the White House to set an annual cap on the cost of new regulations, a senior official told reporters ahead of the signing. For the rest of fiscal 2017, that cap on new regulations would be $0, the official said on customary condition of anonymity.

Here are the key highlights in the order compiled by Axios, as per the text released by the White House:

  • Whenever an agency proposes a new regulation, it has to identify “at least two” previous regulations to be repealed.
  • For all new regulations, “the total incremental cost … shall be no greater than zero.”
  • If there are new costs, they have to be offset by eliminating costs in “at least two prior regulations.”
  • The process will be directed by Mick Mulvaney, who’s set to become the next director of the Office of Management and Budget.
  • If a new regulation wasn’t already listed on the “Unified Regulatory Agenda” — a list of rules in the works — it can’t be issued, “unless otherwise required by law” or unless Mulvaney says it’s OK.
  • The limit applies to fiscal year 2017, which is already underway.

As Reuters adds, major regulations are typically reviewed by the White House’s Office of Management and Budget (OMB) before they are issued. That review will continue under this new measure, but agencies will also have to identify what two regulations will be repealed to offset the costs of any new rule. The new order does not require that the repeal of the two regulations be done simultaneously with the release of additional rules, the official said.

“This vests tremendous power and responsibility in the OMB director to ensure the president’s direction in how we manage this across the government,” the official said.

Read More @ ZeroHedge.com

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1 comment to Trump Signs Executive Order On Regulation: “For Every New Regulation, Two Regulations Must Be Revoked”

  • Jeff Pearce

    Of course this is a welcome relief. However, this would not be an issue if we actually returned to our Constitutional Republic roots. The Federal Govt has 18 jobs and only 18 jobs. Imagine if there were only 18 depts in Fedzilla that could issue regulations?

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