On January 30 President Trump signed an Executive order that states, among other items:

• Whenever an executive department or agency (agency) publicly proposes for notice and comment or otherwise promulgates a new regulation, it shall identify at least two existing regulations to be repealed;
• The total incremental cost of all new regulations, including repealed regulations, to be finalized this year shall be no greater than zero, unless otherwise required by law or consistent with advice provided in writing by the Director of the Office of Management and Budget (Director);
• Any new incremental costs associated with new regulations shall, to the extent permitted by law, be offset by the elimination of existing costs associated with at least two prior regulations.
• The Director shall provide the heads of agencies with guidance on the implementation of this section;
• The guidance shall address, among other things, processes for standardizing the measurement and estimation of regulatory costs; standards for determining what qualifies as new and offsetting regulations; standards for determining the costs of existing regulations that are considered for elimination; processes for accounting for costs in different fiscal years; methods to oversee the issuance of rules with costs offset by savings at different times or different agencies; and emergencies and other circumstances that might justify individual waivers of the requirements of this section.  The Director shall consider phasing in and updating these requirements. Note: It appears the guidance itself will require massive new regulations.
• The term “regulation” or “rule” means an agency statement of general or particular applicability and future effect designed to implement, interpret, or prescribe law or policy or to describe the procedure or practice requirements of an agency, but does not include:

(a)  regulations issued with respect to a military, national security, or foreign affairs function of the            United States;

(b)  regulations related to agency organization, management, or personnel; or

(c)  any other category of regulations exempted by the Director.

Much like the recent Priebus Memo, the Executive Order applies to executive agencies, but not to the FDIC, CFPB or the Federal Reserve Board. We suspect the president will soon turn his attention in the direction of those non-executive agencies.

A copy pf the Executive Order is available at: https://www.whitehouse.gov/the-press-office/2017/01/30/presidential-executive-order-reducing-regulation-and-controlling