President Donald Trump on Monday signed an executive order that is meant to severely cut the number of federal regulations

WASHINGTON (Dow Jones) -- President Donald Trump on Monday signed an executive order that is meant to severely cut the number of federal regulations, delivering on another campaign promise that White House officials believe will spur economic growth.The executive order will require two regulations to be eliminated for every new one created, administration officials said. They said it would be the biggest regulatory change since the Reagan administration. The order caps costs of new regulations for the remainder of the fiscal year and creates a budget process for new regulations in the next fiscal year, which begins in October. This budget, separate from the congressional appropriation process, will be set by the White House."We don't need 97 different rules to take care of one element," Mr. Trump told a group of small-business owners on Monday.At the beginning of that meeting, Mr. Trump delivered extensive remarks about his view on how to boost the economy by cutting taxes and cutting more than 75% of existing federal regulations."The American dream is back," Mr. Trump said.He also said the "really smart" people who invested in the stock market after his election victory "have been rewarded' and predicted that the stock "market is not going down."Mr. Trump outlined a number of areas he planned to target for changes to economic and regulatory policy. He mentioned, specifically, changes to the Dodd-Frank financial overhaul law, though he didn't say what changes he would make to that law."Dodd-Frank is a disaster," he said. "We're going to be doing a big number on Dodd-Frank."The comments by Mr. Trump were the first he made publicly since the travel ban he signed Friday evening shook Washington and the rest of the country, leading to protests at airports and the detention and questioning of many people trying to enter the U.S. Mr. Trump was unapologetic about the impact during his remarks Monday morning."Some day we had to make the move, and we decided to make the move," he said.Mr. Trump delivered his remarks by reading from two pieces of folded paper he had brought with him into the Roosevelt Room, but he often strayed from the paper to riff on other issues. He mocked, for example, Senate Minority Leader Charles Schumer (D., N.Y.), who Mr. Trump said exhibited "fake tears" on television during a protest of the travel ban."I'm going to ask him who was his acting coach," Mr. Trump said. "Because I know him very well. I don't see him as a crier. if he is he's a different man. There's a 5% chance it was real, but I think it was fake tears."Mr. Trump also, for the first time as president, made comments about the use and need for eminent domain.He said, for example, that companies that want to lay pipeline across the U.S. would need to use "eminent domain" in order to set the pipe. He said he had been criticized for supporting the use of eminent domain in the past."They need eminent domain to do the pipeline," Mr. Trump said. "But if we are going to use our powers of eminent domain and all the other powers, then I want the pipe to be manufactured with United States steel."