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AI Summary: This regulation is an executive order aimed at reducing federal regulations by implementing a "ten-for-one" rule, which requires agencies to identify and eliminate at least ten existing regulations for every new regulation proposed. The order establishes a regulatory budgeting process for fiscal year 2025, directing agencies to ensure that the total incremental cost of new regulations is significantly less than zero. It requires agencies to submit detailed regulatory cost information to the Office of Management and Budget (OMB), with the OMB Director responsible for providing guidance on implementing the rule, standardizing cost measurements, and determining what qualifies as a new or offsetting regulation. The order broadly defines "regulation" to include various types of agency statements and documents, with some exceptions for military, national security, and organizational regulations. The executive order also mandates that new regulations must be included in the Unified Regulatory Agenda and approved by the OMB Director, with the goal of reducing regulatory burdens on the private sector and promoting economic prosperity.