The executive action, titled "Reducing Regulation and Controlling Regulatory Costs" was signed Monday morning after President Trump met with small business owners.
Trump has tapped U.S. Representative Mick Mulvaney of SC to lead the OMB.
Put simply, an executive order is a document issued by the president providing instructions to the agencies he runs, often on how a policy should be implemented. That is, the costs of new regulations minus the cost of repealed regulations must be zero for FY 2017.
The two-for-one deal is a signature campaign promise the Trump team laid out previous year.
With numerous people around the country sounding off, former Illinois Governor Pat Quinn is also voicing his concerns about President Donald Trump's recent executive order.
However, the new order does not require that the repeal of the two regulations be done simultaneously with the release of a new rule.
U.S. Sen. Jerry Moran said vetting foreign nationals is "common sense" but the executive order went too far. They said it would be the biggest regulatory change since the Reagan administration. Canada, for example, has had regulatory budgeting in some provincial governments since 2001, and began moving toward it on the federal level with the election of Conservative Prime Minister Stephen Harper in 2006.
The law is created to speed the introduction of new medical treatments by accelerating some FDA approval processes and boosting federal funding.
The White House defended a reorganization of the National Security Council that elevated the president's chief strategist, Stephen Bannon, and downgraded he director of national intelligence and the chairman of the Joint Chiefs of Staff. This is a knock on many presidents preceding me.
But, at a minimum, this executive order will create confusion and add delays to the implementation of agency agendas.
"We want to end the unfairness between small and big business that's caused by regulation", Trump said before a meeting with small business leaders at the White House on Monday.
Trump said the executive order will also eliminate some government regulations already in place. The Act is meant to regulate Wall Street though Trump argues that it has only made large banks more powerful. He had promised a reduction in regulations on the campaign trail.
Obama issued executive orders from the start suspending all ongoing proceedings at Guantanamo Bay and requiring the Army Field Manual be used as a guide to terror interrogations. "We're very happy to have Donald Trump as the president".
Both Kansas senators and three of the state's four House members all supported the basic principle of Trump's executive action, which bars the entry of immigrants from seven Muslim-majority countries for 90 days, but all said that Congress should have been consulted on the policy.