On January 31, 2025, President Trump issued Executive Order 14192, entitled “Unleashing Prosperity Through Deregulation,” directing agencies to identify 10 existing rules, regulations, or guidance documents to repeal for each new rule, regulation, or guidance that an agency promulgates. The order also requires that the total incremental cost of all new regulations, including repealed regulations, “be significantly less than zero” for fiscal year 2025. For future fiscal years, the Office of Management and Budget (OMB) is responsible for telling agencies “a total amount of incremental costs that will be allowed for each agency in issuing new regulations and repealing regulations.” The Order directs OMB to provide guidance on, among other things, the standards for what qualifies as a “new” regulation and what counts as “offsetting” regulations.