For introduction of each new rule, we will need to cancel two existing ones, Voice of America reports.

On Monday, US President Donald Trump signed the order, aimed at significant reduction of federal legislative restrictions: in compliance with the order, for introducing each new rules, the federal agencies should cancel two already existing rules.

“This is the largest such-like step in the history of our country. The regulation will be preserved, the control will be preserved, but this will be a normalized control”, Trump said, signing the order in the Oval Office, surrounded by small business representatives, with whom he conducted a closed meeting before signing the document.

The President said again that he wants to reduce public business regulation by 75 percent in order to simplify the business set-up procedure in the USA as much as possible.

During Monday briefing, White House Press Secretary Sean Spicer emphasized that President Trump started his day from meeting with leading small and medium business executives, continuing the series of last week meetings with large business, trade unions and workers.

According to Spicer, the orders, signed by Trump President within the first week after accession to presidency, demonstrate his absolute commitment to protection of the interests of US workers and small business.

The Trump’s order on reduction of business regulation will become the preparation for the process of imposition of annual restriction for introduction of new regulations, White House Spokesperson said to the journalists before signing the document.

Until late 2017 FY, the reduction will be 0 dollars, the source reported on condition of anonymity.

During his pre-election campaign, Trump promised to reduce the federal rules and norms, which, according to him, limit the activities of US companies.