The executive order outlines a policy to reduce regulatory burdens on businesses and individuals, aiming to promote economic prosperity and national security. The order establishes a “ten-for-one rule,” requiring that for each new regulation issued, at least 10 prior regulations be identified for elimination. This approach aims to ensure that the cost of planned regulations is responsibly managed and controlled through a rigorous regulatory budgeting process.
The order also sets forth specific requirements for agencies to reduce incremental costs associated with new regulations. For fiscal year 2025, the heads of all agencies are directed to ensure that the total incremental cost of all new regulations, including repealed regulations, being finalized this year shall be significantly less than zero. The Director of the Office of Management and Budget is tasked with providing guidance on implementing this section, as well as overseeing the issuance of rules with costs offset by savings at different times or agencies.