President Trump has signed an executive action to revoke two regulations for every one enacted, or as officials told AP, that they are naming the new directive a “one in, two out” plan. Federal agencies will need to revoke two regulations for every new regulation they request, and the White House will review the proposal, according to administration officials.

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. Military and national security regulations are exempt.

"This will be the biggest such act that our country has ever seen. There will be regulation, there will be control, but it will be normalized control," Trump said as he signed the order in the Oval Office, surrounded by a group of small business owners.

Trump's latest executive action will prepare a process for the White House to set an annual cap on the cost of new regulations, a senior official told reporters ahead of the signing. For the rest of fiscal 2017, that cap on new regulations would be $0, the official said on customary condition of anonymity.

Trump signs new executive order: “We have to knock out two regulations for every new regulation” https://t.co/d1RGYmgCzB — NBC News (@NBCNews) January 30, 2017

Here are the key highlights in the order compiled by Axios, as per the text released by the White House:

Whenever an agency proposes a new regulation, it has to identify "at least two" previous regulations to be repealed.

For all new regulations, "the total incremental cost ... shall be no greater than zero."

If there are new costs, they have to be offset by eliminating costs in "at least two prior regulations."

The process will be directed by Mick Mulvaney, who's set to become the next director of the Office of Management and Budget.

If a new regulation wasn't already listed on the "Unified Regulatory Agenda" — a list of rules in the works — it can't be issued, "unless otherwise required by law" or unless Mulvaney says it's OK.

The limit applies to fiscal year 2017, which is already underway.

As Reuters adds, major regulations are typically reviewed by the White House's Office of Management and Budget (OMB) before they are issued. That review will continue under this new measure, but agencies will also have to identify what two regulations will be repealed to offset the costs of any new rule. The new order does not require that the repeal of the two regulations be done simultaneously with the release of additional rules, the official said.

"This vests tremendous power and responsibility in the OMB director to ensure the president's direction in how we manage this across the government," the official said.

This means that Trump's pick to lead the OMB, budget hawk Mick Mulvaney of South Carolina, will have critical say on any US regulatory spending and "pork" going forward.