Posts Tagged ‘Trump Administration’
Earlier this month, the DOJ filed an unopposed motion for leave to file an amicus brief which indicated that the Trump Administration might be switching sides in the legal battle, departing from the position that the DOJ took under President Obama. So it came as no surprise when the DOJ submitted its amicus brief in the PHH case last Friday and asked the DC Circuit to declare the CFPB’s leadership structure unconstitutional.
On February 24, 2017, President Trump signed an executive order titled “Enforcing the Regulatory Reform Agenda.” That order requires that every agency establish a task force to evaluate existing regulations and to make recommendations regarding their repeal, replacement or modification. In addition, each agency head must designate an agency official as it “Regulatory Reform Officer” (RRO). Each RRO is responsible for overseeing “the implementation of regulatory reform initiatives and policies to ensure that agencies effectively carry out regulatory reforms, consistent with applicable law.”
Earlier this week, House Financial Services Committee Chairman Jeb Hensarling circulated a memorandum to committee leaders outlining potential upcoming changes to the Financial CHOICE Act that will be introduced during the 115th Congress.
Those proposed changes would affect several significant aspects of the Dodd-Frank Act, such as providing regulatory relief for strongly capitalized banks, taking steps to end “too big to fail,” and drastically reducing the CFPB’s authority.
On February 2, the Office of Information and Regulatory Affairs (OIRA) issued Interim Guidance implementing President Trump’s executive order entitled “Reducing Regulation and Controlling Regulatory Costs.” OIRA’s guidance confirms that the order does not apply to independent agencies.