President Donald Trump issued an executive order requiring independent agencies to submit rules to the White House before publishing them in the Federal Register.
Details: The executive order:
Directs independent agencies to submit all proposed and final significant regulatory actions to the White House’s Office of Information and Regulatory Affairs.
Applies to agencies such as the FDIC, Consumer Financial Protection Bureau, and Securities and Exchange Commission.
Directs the Office of Management and Budget to provide guidance on implementation and to establish performance standards and management objectives for independent agency heads.
Scope: The EO says it applies to bank regulatory functions at the Federal Reserve but not to the Fed Board of Governors or the Federal Open Market Committee in the conduct of monetary policy.
Background: The EO says previous administrations allowed independent agencies to promulgate significant regulations with minimal presidential supervision or accountability.