Update: Following the mass shooting late Sunday in Las Vegas, the White House on Monday announced that Vice President Mike Pence would take the president's place at this event.

President Donald Trump will hold a "cut the red tape" event at the White House on Monday, highlighting the administration's efforts to eliminate what Trump sees as burdensome government regulation of private businesses.

The event will "highlight the president's broader initiatives on regulatory reform," a senior administration official told reporters on Friday, and show that "the regulatory burden is being lifted, that agencies are working hard at accomplishing the president's directives, and that this is making a difference both to the economy and to job creation."

Trump will not announce any new initiatives, merely emphasize what's already being done. Later in the day, 10 federal agencies will hold breakout sessions to discuss specific actions they're taking to roll back regulations.

Trump, like scores of Republicans before him, campaigned for president on a promise to reduce government regulation on businesses. Since taking office, Trump has largely followed through, either withdrawing or delaying more than 800 proposed regulations in just his first five months, according to the Associated Press.

He has also issued a moratorium on new regulations, and a number of executive orders designed to hinder the regulatory rule-making process.

Naomi Rao, administrator of the Office of Information and Regulatory Affairs, said that federal agencies are also ahead of schedule in their quest to fulfill one of Trump's signature campaign promises: To eliminate two existing regulations for every new rule his administration enacted.

"We are making good on that promise at OIRA," Rao said. "So far, we've finalized four new regulatory rulemakings, and 10 deregulatory rulemakings." The results have been "quite remarkable," she said.

Rao told reporters that since January, the Trump administration has achieved $300 million in annualized cost savings from regulatory reforms. But neither Rao nor a senior official on the call could explain how the administration reached the figure of $300 million, except to say that it was tabulated by career OIRA staff.

Trump will deliver his remarks from the East Room of the White House during the 11AM hour, officials said.