Unleashing Prosperity Through Deregulation
1. Purpose
To promote prudent financial management and reduce regulatory burdens that impede economic growth and competitiveness by establishing a framework for new regulations.
2. Key Actions And Directives
- Identify Existing Regulations for Repeal: For each new regulation proposed, agencies must identify at least 10 existing regulations to repeal.
- Establish Regulatory Cost Cap: Set the total incremental cost of all new regulations, including repealed ones, to be significantly less than zero for Fiscal Year 2025.
- Submit Regulatory Cost Submissions: Agencies are required to submit their regulatory cost submissions starting with the Regulatory Plans for fiscal year 2026.
- Follow the Unified Regulatory Agenda: No new regulation can be issued that was not included in the most recent Unified Regulatory Agenda unless approved by the Director.
3. Important Points
- Regulatory Definition: 'Regulation' includes statements that implement, interpret, or prescribe law or policy, as well as various guidance documents.
- Exemptions to the Order: Exemptions include regulations related to military, national security, and other specified areas, as well as those exempted by the Director.
- Ten-for-One Rule: This rule mandates that for every new regulation, 10 regulations must be repealed to manage regulatory costs effectively.
- Guidance Responsibility: The Director of the Office of Management and Budget is tasked with providing guidance on the implementation of the new regulatory framework.
- Invalidity Clause: Should any part of the order be deemed invalid, the remaining provisions remain effective, ensuring the order’s overall intent is preserved.
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