This report was originally published by Tyler Durden at ZeroHedge.com

President Trump has signed an executive action to revoke two regulations for every one enacted, or as officials told AP, that they are naming the new directive a “one in, two out” plan. Federal agencies will need to revoke two regulations for every new regulation they request, and the White House will review the proposal, according to administration officials.

The order sets a budget of $0 for new regulations in 2017 and the administration will set a regulation budget each year, the official said on customary condition of anonymity. Military and national security regulations are exempt.

“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. For the rest of fiscal 2017, that cap on new regulations would be $0, the official said on customary condition of anonymity.

Trump signs new executive order: “We have to knock out two regulations for every new regulation” https://t.co/d1RGYmgCzB

— NBC News (@NBCNews) January 30, 2017

Some details from Reuters:

• TRUMP SIGNS EXECUTIVE DIRECTIVE ON REGULATIONS 
• TRUMP TO SIGN EXECUTIVE ORDER REQUIRING THAT FOR EVERY NEW REGULATION,
  TWO REGULATIONS HAVE TO BE REVOKED -SENIOR ADMINISTRATION OFFICIAL
• ORDER SAYS AGENCIES WILL PROPOSE WHAT RULES THEY WANT TO ELIMINATE AND WHITE HOUSE WILL REVIEW THOSE DECISIONS -OFFICIAL
• TRUMP SAYS HIS ORDER WILL BE LARGEST EVER CUT BY FAR IN TERMS OF REGULATION.
• EACH YEAR THE ADMINISTRATION WILL SET A BUDGET FOR NEW REGULATIONS -OFFICIAL
• IN FISCAL YEAR 2017 THE BUDGET FOR NEW REGULATIONS WILL BE $0 -OFFICIAL

It was not immediately clear if this executive directive is in addition to the previously reported one on H1-B and foreign worker labor certification.

This report was originally published by Tyler Durden at ZeroHedge.com