This morning, the President signed an order requiring federal government agencies to cut two existing regulations for every new rule introduced. According to Reuters, the new rule will also require that the cost of any additional regulations be offset by undoing existing rules. However, it does not require that the repeal of the two regulations be done simultaneously with the release of additional rules.

“There will be regulation, there will be control, but it will be normalized control,” the President said as he signed the order in the Oval Office, surrounded by a group of small business owners. During a meeting with the business owners, he described the Dodd-Frank law as “a disaster.” He asserted that it was “almost impossible now to start a small business and it’s virtually impossible to expand your existing business because of regulations.

However, the orders signed by the President did not target Dodd-Frank regulations. Also, the creation of new U.S. businesses has actually climbed steadily since 2010, according to the U.S. Bureau of Labor Statistics.

White House spokesman Sean Spicer on Monday called the executive order a “first step” and said the administration would work with Congress to begin making changes to Dodd-Frank.