By Lydia Wheeler and Lisa Hagen - 01-30-17 10:23 AM EST
President Trump on Monday signed an executive order aimed at rolling back regulations, fulfilling one of his campaign pledges.
Federal agencies will need to revoke two regulations for every new regulation they request. The new executive order makes exceptions for emergencies and national security.
Trump met with a handful of small business owners at the White House prior to him signing the new order, according to a pool report. He called his latest order "a big one."
"We want to make the life easier for small businesses," he said, adding that it also benefit large businesses too. "There can't be any discrimination."
Administration officials told The Associated Press they are calling the new directive a "one in, two out" plan.
Trump also reiterated his campaign promise Monday to try and cut 75 percent of regulations.
"The American dream is back.... This isn't a knock on President Obama; this is a knock on many president[s] preceding me," he said, referring to the burdens on small businesses.
"Regulation has been horrible for big business, but it's been worse for small business," he continued.
Trump said small businesses cannot hire the talent and compliance personnel that larger businesses do.
The president has especially been critical of the Dodd-Frank Wall Street reform law, calling it a "disaster."
"We're going to be doing a big number on Dodd-Frank," he vowed.
Canada, Australia and the United Kingdom all have similar policies requiring existing rules be repealed before a new one is issued and Trump could chose to model his his "one in, two out" plan after those. For every rule issued in the U.K., for example, three existing rules must be eliminated.
According to a U.K. government report, that requirement saved businesses 885 million from May 5, 2015 to May 26, 2016, or nearly $1.1 billion based on current conversion rates.
Monday's directive follows a busy week of new executive orders from Trump, including Friday's order that calls for a 90-day ban on people from seven predominantly Muslim countries entering the United States and an indefinite halt on admitting Syrian refugees.
This story was updated at 12:03 p.m.