President Trump’s latest executive order states that agencies must “revoke two regulations for every new regulation they request.”

Trump signed the decision after he met with small business owners. He promised a reduction in regulations on the campaign trail.

From Politico:

“This will be the biggest such act that our country has ever seen,” Trump declared moments before signing it inside the Oval Office. “There will be regulation, there will be control, but it will be a normalized control where you can open your business and expand your business very easily. And that’s what our country has been all about.”

“If you have a regulation you want, number one, we’re not gonna approve it because it’s already been approved probably in 17 different forms,” Trump said. “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.”

The order put the regulatory budget at $0 for 2017. This means that “any new ‘burdens’ would have to be offset.” The order does not include the military and national security. It has one flexibility:

An agency can determine the two cuts, the White House can have input and the OMB [Office of Management and Budget] director can make emergency exceptions.

“That’s a big one,” Trump said upon signing the order.

Officials explained that the memo the White House recently issued on temporary regulation freezes remains in place and that the executive order sets up the process going forward.

Trump hopes the order will help small businesses grow, which would help create new jobs.