Unleashing Prosperity Through Deregulation

               By the authority vested in me as President by the 
               Constitution and the laws of the United States of 
               America, including the Budget and Accounting Act of 
               1921, as amended (31 U.S.C. 1101 et seq.), and in order 
               to promote prudent financial management and alleviate 
               unnecessary regulatory burdens, it is hereby ordered:

               Section 1. Purpose. The ever-expanding morass of 
               complicated Federal regulation imposes massive costs on 
               the lives of millions of Americans, creates a 
               substantial restraint on our economic growth and 
               ability to build and innovate, and hampers our global 
               competitiveness. Despite the magnitude of their impact, 
               these measures are often difficult for the average 
               person or business to understand, as they require 
               synthesizing the collective meaning not just of formal 
               regulations but also rules, memoranda, administrative 
               orders, guidance documents, policy statements, and 
               interagency agreements that are not subject to the 
               Administrative Procedure Act, further increasing 
               compliance costs and the risk of costs of non-
               compliance. It is the policy of my Administration to 
               significantly reduce the private expenditures required 
               to comply with Federal regulations to secure America's 
               economic prosperity and national security and the 
               highest possible quality of life for each citizen. To 
               that end, it is important that for each new regulation 
               issued, at least 10 prior regulations be identified for 
               elimination. This practice is to ensure that the cost 
               of planned regulations is responsibly managed and 
               controlled through a rigorous regulatory budgeting 
               process.

               Sec. 2. Policy. It is the policy of the executive 
               branch to be prudent and financially responsible in the 
               expenditure of funds, from both public and private 
               sources, and to alleviate unnecessary regulatory 
               burdens placed on the American people.

               Sec. 3. Regulatory Cap for Fiscal Year 2025. (a) Unless 
               prohibited by law, whenever an executive department or 
               agency (agency) publicly proposes for notice and 
               comment or otherwise promulgates a new regulation, it 
               shall identify at least 10 existing regulations to be 
               repealed.

                   (b) For fiscal year 2025, which is in progress, the 
               heads of all agencies are directed to ensure that the 
               total incremental cost of all new regulations, 
               including repealed regulations, being finalized this 
               year, shall be significantly less than zero, as 
               determined by the Director of the Office of Management 
               and Budget (Director), unless otherwise required by law 
               or instructions from the Director.
                   (c) In furtherance of the requirement of subsection 
               (a) of this section, 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 10 prior 
               regulations.
                   (d) The Director shall provide the heads of 
               agencies with guidance on the implementation of this 
               section. Such 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.

               Sec. 4. Annual Regulatory Cost Submissions to the 
               Office of Management and Budget. Beginning with the 
               Regulatory Plans, as required under Executive Order 
               12866 of September 30, 1993 (Regulatory Planning and 
               Review), as amended, or any successor order for fiscal 
               year 2026, and for each fiscal year thereafter:

                   (a) The head of each agency shall identify on an 
               aggregated basis, for regulations that increase 
               incremental cost, the offsetting regulations described 
               in section 3(c) of this order, and provide the agency's 
               best approximation of the total costs or savings 
               associated with each new regulation or repealed 
               regulation.
                   (b) Each regulation approved by the Director during 
               the Presidential budget process shall be included in 
               the Unified Regulatory Agenda required under Executive 
               Order 12866, as amended, or any successor order. Unless 
               otherwise required by law, no regulation shall be added 
               to or removed from the Unified Regulatory Agenda 
               without the approval of the Director. To accomplish the 
               purposes of this order, the Director may also require 
               additions to the Unified Regulatory Agenda and 
               Regulatory Plan.
                   (c) Unless otherwise required by law, no regulation 
               shall be issued by an agency if it was not included in 
               the most recent version or update of the published 
               Unified Regulatory Agenda as required under Executive 
               Order 12866, as amended, or any successor order, unless 
               the issuance of such regulation was approved in advance 
               in writing by the Director.
                   (d) During the Presidential budget process, the 
               Director shall identify to agencies a total amount of 
               incremental costs that will be allowed for each agency 
               in issuing new regulations and repealing regulations 
               for each fiscal year after fiscal year 2025. No 
               regulations exceeding the agency's total incremental 
               cost allowance will be permitted in that fiscal year, 
               unless required by law or approved in writing by the 
               Director. The total incremental cost allowance may 
               allow an increase or require a reduction in total 
               regulatory cost.
                   (e) The Director shall provide the heads of 
               agencies with guidance on the implementation of the 
               requirements in this section.

               Sec. 5. Definition. For purposes of this order, 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, including, without 
               limitation, regulations, rules, memoranda, 
               administrative orders, guidance documents, policy 
               statements, and interagency agreements, regardless of 
               whether the same were enacted through the processes in 
               the Administrative Procedure Act, but does not include:

                   (a) regulations issued with respect to a military, 
               national security, homeland security, foreign affairs, 
               or immigration-related function of the United States;
                   (b) regulations related to agency organization, 
               management, or personnel; or
                   (c) any other specific regulation or category of 
               regulations exempted by the Director, who shall exempt 
               those regulations or categories of regulations that 
               impose minimal costs or burdens on the private sector 
               or that are requested to be exempted by the Assistant 
               to the President and Chief of Staff or the Assistant to 
               the President and Deputy Chief of Staff for Policy.

               Sec. 6. Implementation. (a) The Director is charged 
               with implementing this order, including by providing 
               agencies with updated guidance on implementing the ten-
               for-one rule described in section 3(a) of this order, 
               including processes for identifying regulations for 
               elimination, determining what constitutes, generally 
               and specifically, a ``rule'' or ``regulation'' for 
               purposes of this order, estimating and standardizing 
               regulatory costs, and ensuring
               compliance with the Administrative Procedure Act and 
               other applicable laws.

                   (b) The Director shall revoke OMB Circular No. A-4 
               of November 9, 2023 (Regulatory Analysis), and all 
               accompanying appendices, guidelines, and documents, and 
               shall reinstate the prior version of Circular A-4, 
               issued on September 17, 2003; and
                   (c) The Secretary of the Treasury and the Director 
               shall reinstate the Memorandum of Agreement between the 
               Department of the Treasury and the Office of Management 
               and Budget of April 11, 2018, regarding review of tax 
               regulations under Executive Order 12866.

               Sec. 7. Severability. If any provision of this order, 
               or the application of any provision to any person or 
               circumstance, is held to be invalid, the remainder of 
               this order and the application of its provisions to any 
               other persons or circumstances shall not be affected 
               thereby.

               Sec. 8. General Provisions. (a) Nothing in this order 
               shall be construed to impair or otherwise affect:

(i) the authority granted by law to an executive department, agency, or the 
head thereof; or

(ii) the functions of the Director of the Office of Management and Budget 
relating to budgetary, administrative, or legislative proposals.

                   (b) This order shall be implemented consistent with 
               applicable law and subject to the availability of 
               appropriations.
                   (c) This order is not intended to, and does not, 
               create any right or benefit, substantive or procedural, 
               enforceable at law or in equity by any party against 
               the United States, its departments, agencies, or 
               entities, its officers, employees, or agents, or any 
               other person.
               
                DONALD J. TRUMP

               THE WHITE HOUSE,

                   January 31, 2025.