President Donald Trump has signed a new executive order called “Unleashing Prosperity Through Deregulation,” which requires federal agencies to eliminate at least 10 existing rules for every new rule created. This order aims to reduce private expenditures needed to comply with regulations to boost economic prosperity and national security. The order also mandates that the cost of new regulations in fiscal 2025 should be significantly less than zero. It is unclear how agencies will select which regulations to eliminate and how the wider costs will be determined.
Trump had previously issued a similar executive order in 2017, requiring agencies to eliminate two rules for every new one created. However, President Joe Biden revoked this order on his first day in office in 2021. The new order directs the Office of Management and Budget director to provide guidance on its implementation. The Senate Budget Committee has voted to advance Russell Vought, Trump’s nominee to lead the OMB, for a floor vote, despite Democrats boycotting the vote. Vought was involved in developing the Project 2025 agenda for a Republican administration, which has been controversial.
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