The “one in, two out” plan requires federal agencies requesting new regulations to cut two existing regulations. Trump said the order will reduce the regulatory burdens on the private sector, particularly small businesses.

“If you have a regulation you want, number one, we’re not going to approve it because it’s already been approved probably in 17 different forms,” Trump said while signing the order surrounded by small business leaders. “But if we do, the only way you have a chance is we have to knock out two regulations for every new regulation. So if there’s a new regulation, they have to knock out two.”