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Track-Trump April 21, 2017 (1 Viewer)


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President Trump signed two executive memoranda ordering the review of certain regulatory entities created by the Dodd-Frank Act. The first memorandum instructs the Treasury Secretary to review the Orderly Liquidation Authority (OLA) and to assess the degree to which its practices encourage risky behavior on the part of financial institutions. The second memorandum requests a similar review of the Financial Stability Oversight Council (FSOC) to determine whether its monitoring procedures are “sufficiently transparent” and “provide [financial] entities with adequate due process.” While the OLA and FSOC are under review, the order freezes any forthcoming non-emergency determinations by either entity.

President Trump also signed an executive order instructing the Treasury Secretary to review tax-related regulations to assess which ones might “impose an undue financial burden on United States taxpayers, add undue complexity to the Federal tax laws, or exceed the statutory authority of the Internal Revenue Service.” The Treasury Secretary is to submit a report recommending a course of action within 150 days. This order can be seen as a prelude to tax reform legislation, a key item on the administration’s policy agenda.

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