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President Donald Trump on Thursday spoke about his plan to slash government regulations, calling it “the most far reaching regulatory reform in history.”

“By ending excessive regulation, we are defending democracy and draining the swamp,” Trump said at a White House event promoting the Unified Agenda of Regulatory and Deregulatory Actions.

In January, Trump signed an executive order that said for every new regulation introduced, two must be eliminated.

Trump said that goal has been exceeded, and for every new regulation introduced, government agencies have eliminated 22.

“The never-ending growth of red tape in America has come to a sudden, screeching and beautiful halt,” Trump said.

He said that because of regulatory reform, the stock market is soaring, unemployment is at a 17-year low and wages are rising.

He said this deregulation effort is just getting started, as there are still decades of excess regulation to remove.

“Let’s cut the red tape, let’s set free our dreams and, yes, let's make America great again. And one of the ways we're going to do that is by getting rid of a lot of unnecessary regulation,” Trump said before symbolically cutting a ribbon on stacks of paper representing the exponential growth of the regulatory code.

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