The purpose of this executive order is to rescind or modify federal regulations that operate to exclude new market entrants. It directs executive branch agency heads in consultation with the chairman of the Federal Trade Commission and the attorney general to complete a review of all regulations subject to their rulemaking authority and identify those that: (1) create, or facilitate the creation of de facto or de jure monopolies; (2) create unnecessary barriers to entry for new market participants; (3) limit competition, or have the effect of limiting competition, between competing entities; (4) create or facilitate licensure or accreditation requirements that unduly limit competition; (5) unnecessarily burden an agency’s procurement processes, thereby limiting the ability of companies to compete for procurement; or (6) otherwise impose anti-competitive restraints or distortions on the operation of the free market. It also directs agency heads to make recommendations as to which regulations warrant rescission or modification and the agency’s recommended modifications.