ExecutiveOrdersEO
EO 14192Executive OrderTrump 47 · R Quiet signal

Executive Order 14192

Unleashing Prosperity Through Deregulation

This executive order establishes a 'ten-for-one' regulatory cap for fiscal year 2025, requiring agencies to identify at least 10 existing regulations for elimination for every new regulation proposed. It mandates that total incremental regulatory costs be 'significantly less than zero' through FY2025, with OMB setting annual cost allowances thereafter. The order revokes the 2023 OMB Circular A-4 and reinstates the 2003 version, and reinstates a 2018 Treasury-OMB agreement on tax regulation review.

Federal Register Open PDF 90 FR 9065

Impact dates

  1. OMB Director guidance on ten-for-one implementation and cost measurement

  2. FY2026 annual regulatory cost submissions begin

  3. Agency compliance with FY2025 regulatory cap (FY2025 in progress)

Market exposure

Policy exposure mapping — not investment advice. Illustrative public companies are incomplete and not recommendations.

Sectors

Other industrialBanking & financeOil & gasChemicalsPharmaTechnology & software

Mechanisms

Subsidy / incentive

Role pressure

  • ProtectiveDownstream manufacturer — Reduced compliance costs and streamlined permitting may lower operational burdens
  • MixedDomestic producer — Benefits from reduced regulatory burden but potential uncertainty from rapid rule changes
  • UncertainImporter — Exemptions for foreign affairs/trade functions limit direct impact; broader deregulatory environment may affect trade enforcement

Geographies

US

Illustrative public companies

Curated watchlist matches by sector/role — incomplete; not a recommendation.

MMM3MALBAlbemarleGOOGLAlphabetAAPLAppleBACBank of AmericaBASFYBASFBLKBlackRockCATCaterpillarLNGCheniere EnergyCVXChevronCOPConocoPhillipsCTVACortevaDOWDowDDDuPontLLYEli LillyXOMExxon MobilFCXFreeport-McMoRanGEVGE VernovaGSGoldman SachsHONHoneywellHSBCHSBCQQQInvesco QQQ TrustJNJJohnson & JohnsonJPMJPMorgan Chase

Confidence: medium · Policy alerts

Key directives

  • For every new regulation, identify at least 10 existing regulations for elimination
  • Ensure total incremental cost of all new regulations in FY2025 is significantly less than zero
  • Offset new regulatory costs by eliminating costs from at least 10 prior regulations
  • Revoke OMB Circular A-4 (2023) and reinstate 2003 version
  • Reinstate 2018 Treasury-OMB Memorandum of Agreement on tax regulation review
  • No regulation may be issued if not on Unified Regulatory Agenda without Director's written approval

Who is ordered

Timeline

Immediate

  • OMB Director to provide guidance on implementing ten-for-one rule
  • OMB Director to revoke 2023 Circular A-4 and reinstate 2003 version
  • Secretary of Treasury and OMB Director to reinstate 2018 Memorandum of Agreement

Near term (90d)

  • Agencies to identify 10 regulations for elimination per new regulation in FY2025
  • Director to provide guidance on cost measurement standardization

Long term

  • Annual regulatory cost submissions beginning FY2026
  • Unified Regulatory Agenda control mechanisms take effect for future fiscal years
  • Phased implementation of regulatory budgeting requirements

Risks & tensions

  • Legal vulnerability: 'significantly less than zero' cost test may conflict with APA notice-and-comment requirements or statutory mandates
  • Mass deregulation could create regulatory gaps in environmental, financial, and consumer protection areas
  • Exemptions for military/national security/foreign affairs/immigration reduce scope but create arbitrary boundaries
  • Reinstating 2003 Circular A-4 lowers estimated social cost of carbon and other regulatory benefits, biasing cost-benefit analysis
  • Director waiver authority (Sec. 3(d), 4(d)) concentrates power in OMB but creates uncertainty
Executive Order 14192: Unleashing Prosperity Through Deregulation · Executive Orders