President Donald Trump has signed a new executive order titled “Unleashing Prosperity Through Deregulation” which aims to eliminate 10 existing rules, regulations, or guidance documents for every new rule created by federal agencies. The order seeks to reduce the private expenditures required to comply with federal regulations in order to promote economic prosperity and national security. The order also requires agency heads to ensure that the cost of new regulations in fiscal 2025 will be significantly less than zero. It is not yet clear how federal agencies will choose which regulations to eliminate or how the wider cost will be determined.
This executive order is a continuation of a similar order issued by Trump in 2017, which required agencies to eliminate two rules for every new one created. Former President Joe Biden revoked this order in 2021. The new order also directs the Office of Management and Budget director to provide guidance in implementing these changes. The Senate Budget Committee has voted to advance Russell Vought, Trump’s pick to lead OMB, for a floor vote, though Committee Democrats boycotted the vote. Vought was involved in developing the Project 2025 agenda for a Republican administration.
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