On January 31, President Trump announced that he signed Executive Order 14192 focusing on deregulation efforts such as requiring federal agencies to repeal at least ten existing rules or regulations for every new one introduced. The Office of Management and Budget will oversee the standardization of regulatory cost measurement and estimation to ensure that the total incremental cost of new regulations in fiscal 2025 will be “significantly less than zero.” This initiative purports to counteract what the order described as the Biden Administration’s “inflationary” regulatory measures. The effort builds on the Trump Administration’s first term regulatory reform initiative, during which the order claimed that for every new regulation issued, the Administration eliminated five-and-a-half regulations.