"We're going to cut a ribbon because we're getting back below the 1960 level and we'll be there fairly quickly", he said.
As another visual aide, Trump presented what regulations were in place during 1960 - demonstrated by a relatively small stack of papers - to what regulations look like today, which was represented by a massive tower of white papers.
The Trump administration said that it has withdrawn or delayed almost 1,600 planned regulatory actions to date, according to a biannual report that the White House released on Thursday.
"The two-out, one-in rule is very powerful on the campaign trail".
When asked why the average American should care about deregulation efforts, Rao explained to The Pavlovic Today, that she believed that excessive and unnecessary regulations hampered individual liberty.
The administration will continue rolling back regulations in 2018. The White House did not respond to a request for comment on the issue.
On Thursday, Trump claimed that the initiative has exceeded his expectations, with 67 regulations rescinded and just three adopted - a ratio of 22 to 1.
Trump claimed that his deregulatory agenda has fueled the country's economic growth.
"Together, let's cut the red tape", Trump said. "We're at a net-negative regulatory for costs and that's a real turnaround from what we've seen in the past".
"You can think of those as a group of rules that we're reconsidering", Rao said.
After Trump signed his two-for-one order, the Office of Management and Budget clarified that the deregulatory actions could include congressional action, unpublished guidance documents, and a reduction in the paperwork burden. Trump said his administration had "decades of excess regulation" to remove, adding that he is challenging his cabinet to find and remove every single outdated, unlawful, and excessive regulation now on the books. "I don't know if we'll have any left to cut".
Trump said he wants to get under 1960 levels while still protecting workers' safety and the environment.
But a Bloomberg News analysis of the earlier version of the regulation report found that Trump and other administration officials had exaggerated claims of cutting nearly 1,000 regulations.