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The early days of President Donald Trump's administration were characterized by a burst of activity meant to roll back regulation, including Executive orders (EOs) to regulate the U.S. financial system, enforce a regulatory reform agenda, and reduce regulation while controlling regulatory costs. These reforms, particularly EO 13771, can potentially affect every part of the economy touched by federal regulation through the Office of Management and Budget's (OMB's) annual review of regulation. This Perspective considers how well EO 13771 addresses the concerns of those who have long supported regulatory reform and how agencies and OMB might best face the challenges and opportunities associated with implementing regulatory reform.