Trump executive order to slash regulations
U.S. President Donald Trump holds breakfast meeting with small business leaders at the Roosevelt room of the White House in Washington U.S., January 30, 2017. REUTERS/Carlos Barria

President Donald Trump plans to sign an executive order on Monday that will require that for every new federal regulation proposed, two must be revoked, an administration official said.

The order says federal agencies will propose rules they want to eliminate and the White House will review those decisions. The order sets a budget of $0 for new regulations in 2017 and the administration will set a regulation budget each year, the official said on customary condition of anonymity.

Trump campaigned on a promise to reduce federal regulations that he said burdened American businesses.

(Reporting by Ayesha Rascoe; Writing by Doina Chiacu; Editing by Chizu Nomiyama)