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From Banking and Finance Law Daily, February 24, 2017

New Executive Order calls for a ‘Regulatory Reform Task Force’ at each agency

By John M. Pachkowski, J.D.

With a number of corporate executives, from such companies as Johnson and Johnson, Dow Chemical Company, and Archer Daniels Midland Company, President Donald J. Trump signed an Executive Order "requiring every agency to establish a Regulatory Reform Task Force to eliminate red tape."

A White House release indicated that each Regulatory Reform Task Force will be:

  • evaluating existing regulations and identifying candidates for repeal or modification; and
  • focusing on eliminating costly and unnecessary regulations.

The release added, that to hold the Task Forces accountable, agencies will measure and report progress in achieving the President’s directives.

The latest Executive Order follows other executive action taken by the president to reduce regulatory burden.

In early February, the president signed an Executive Order that directed the Secretary of the Treasury to report back in 120 days on what rules promote or inhibit the administration’s priorities. That earlier Executive Order was part of a promise made by the president to "do a big number" on the Dodd-Frank Act despite the fact that the Order does not explicitly mention the Dodd-Frank Act (see Banking and Finance Law Daily, Feb. 3, 2017).

In remarks at the Executive Order’s signing, the president stated, "Every regulation should have to pass a simple test: Does it make life better or safer for American workers or consumers? If the answer is no, we will be getting rid of it and getting rid of it quickly. We will stop punishing companies for doing business in the United States. It’s going to be absolutely just the opposite. They’re going to be incentivized for doing business in the United States.

Companies: 3M Company; Altec, Inc.; Archer Daniels Midland Company; Campbell’s Soup Company; Dow Chemical Company; International Paper; Johnson and Johnson; Lockheed Martin; Merck; United States Steel Corporation; United Technology

MainStory: TopStory CFPB DoddFrankAct FinancialStability OversightInvestigations PrudentialRegulation Receiverships TrumpAdministrationNews UDAAP VolckerRule

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