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.”
According to President Trump, the executive order “will ensure that every agency has a team of dedicated people to research all regulations that are unnecessary, burdensome and harmful to the economy, and harmful to the creation of jobs and business.”
Trump has already signed other executive orders aimed at eliminating unnecessary regulations. In January, Trump signed an executive order that requires two federal regulations to be eliminated for every new regulation that is implemented. On February 3, Trump issued an executive order titled “Core Principles for Regulating the united States Financial System,” which established a series of principles that will guide the Trump Administration’s approach to financial services regulation.
It is not clear whether this new executive order applies to independent federal agencies. Last month, the Office of Information and Regulatory Affairs (OIRA) issued Interim Guidance that clarified that President Trump’s “Reducing Regulation and Controlling Regulatory Costs” order does not apply to independent agencies, but they can follow the orders on a voluntary basis. We anticipate that Trump’s most recent executive order will apply in a similar fashion.
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