President Barack Obama announced today that he will launch a government-wide review of federal regulations to try to eliminate rules that slow economic growth.

Obama, who wrote about the move in a piece that was published in The Wall Street Journal, said he will issue an executive order for the review.

“This order requires that federal agencies ensure that regulations protect our safety, health and environment while promoting economic growth,” Obama wrote. “And it orders a government-wide review of the rules already on the books to remove outdated regulations that stifle job creation and make our economy less competitive.”

But, the president warned, creating a modern regulatory system is “about more than which rules to add and which rules to subtract.” He said the government is looking for “more affordable, less intrusive means to achieve the same ends – giving careful consideration to benefits and costs.”

The move is the latest in a series of efforts by Obama to reach out to business leaders.

In recent weeks, his administration has made new efforts to push stalled free-trade agreements with South Korea and other nations through Congress, and Obama invited CEOs to the White House last month to form task forces for specific issues. On Feb. 7, Obama will visit the U.S. Chamber of Commerce to discuss how his administration can work with that group to create jobs.

Business leaders have been reluctant to spend on expansion and hiring, and U.S. companies are sitting on nearly $2 trillion in cash and liquid assets, the most since World War II.