Two-for-one is harder than it sounds. President Trump’s recently-issued executive order on reducing regulations, requiring the repeal of two regulations for each new one issued, provided agencies with precious little guidance. According to the Office of Management and Budget (OMB), the executive order applies only to “significant regulatory actions” of executive agencies (not independent agencies like the CFPB, SEC, FHFA, or the federal banking agencies). It requires an analysis of cost savings, but appears to exempt regulations “required by law.” A lawsuit has already been filed, claiming that the order is unconstitutional and contrary to the will of Congress. To learn more, applicable agencies are instructed to call OMB. However, you can learn more about the two-for-one executive order in Mayer Brown’s Legal Update.