President Trump signed another executive order Monday morning aimed at cutting regulations for small businesses.
While surrounded by small business owners in the Oval Office, the president signed an order that he said will cut “regulations massively for small business.”
“This will be the biggest such act that our country has ever seen,” Trump said. “There will be regulation, there will be control, but it will be normalized control.”
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.
The executive order will cut two existing regulations for every new one implemented.
Trump, a businessman turned politician, campaigned on a promise to reduce federal regulations that he said burdened American businesses.