"U.S. President Donald Trump signs an executive order cutting regulations, accompanied by small business leaders at the Oval Office of the White House in Washington U.S., January 30, 2017. Photo: REUTERS/Carlos Barria"
By Ayesha Rascoe | WASHINGTON12:10 PM EST
President Donald Trump signed an order on Monday that will seek to dramatically pare back federal regulations by requiring agencies to cut two existing regulations for every new rule introduced.
"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.