Last week, we reported on the President's moratorium on new regulations; no new regulations can be sent to the Federal Register until approved by someone appointed by the new administration and a 60 day freeze on those already published but have not taken effect.
Today, the President signed another Executive Order (EO) that should dramatically reduce the number of regulations. It requires agencies to cut two existing regulations for every new rule introduced. It will also set a cap on the cost of new regulations. For fiscal year 2017, the cap is set at $0.
The two for one plan is aimed at reducing regulator burdens on the private sector, especially small businesses. Agencies must self-identify the regulations to cut although the White House will have final say on the matter.
You can read the full text of the EO here.