WASHINGTON, D.C. -

President Trump took aim again at government regulation with the executive order he signed on Friday. The latest action is requiring every agency to establish a regulatory reform task force “to eliminate red tape,” according to the White House.

The administration explained this executive order contains three main components, including:

— Each regulatory reform task force will evaluate existing regulations and identify candidates for repeal or modification.

— Each agency’s task force will focus on eliminating costly and unnecessary regulations.

— To hold the task forces accountable, agencies will measure and report progress in achieving the president’s directives.

“This executive order directs each agency to establish a regulatory reform task force, which will ensure that every agency has a team of dedicated — and a real team of dedicated people to research all regulations that are unnecessary, burdensome and harmful to the economy, and therefore harmful to the creation of jobs and business,” Trump said in remarks during the signing.

“Each task force will make recommendations to repeal or simplify existing regulations,” he continued. “The regulatory burden is for the people behind me and for the great companies of this country, and for small companies — an impossible situation, we’re going to solve it very quickly. They will also have to really report every once in a while to us so we can report on the progress, and so we can come up with some even better solutions.”

Trump went on to note that regulation need only clear one hurdle.

“Every regulation should have to pass a simple test: Does it make life better or safer for American workers or consumers?  If the answer is no, we will be getting rid of it and getting rid of it quickly,” the president said.

“We will stop punishing companies for doing business in the United States. It’s going to be absolutely just the opposite. They’re going to be incentivized for doing business in the United States,” Trump added.

Video from the executive order signing can be seen here or at the top of this page.