The main purpose of this legislation is to formally establish the principles outlined in Executive Order 14267, which aims to reduce regulatory barriers that hinder competition in the marketplace. The goal is to create a more open and competitive environment for businesses, which can lead to increased innovation, better services, and lower prices for consumers. Key provisions of this legislation include the codification of Executive Order 14267, meaning that the directives within the order will now have the same legal standing as laws passed by Congress.