A recent United States Supreme Court case and new executive order will change the way federal agencies hire administrative law judges (“ALJs”), and together are expected to increase ALJs’ accountability to the heads of their agencies. On June 21, 2018, the United States Supreme Court held in Lucia v. Securities and Exchange Commission that the

On Friday, April 21, President Donald Trump signed two presidential memoranda, directing the Secretary of the Treasury (the “Secretary”), Steve Mnuchin, to review two major provisions of the Dodd-Frank Act: orderly liquidation authority (“OLA”) for financial companies under Title II, and the decision-making processes of the Financial Stability Oversight Council (“FSOC”). Consistent with the Trump Administration’s February Executive Order ordering the Secretary to review financial regulations—which we discussed in a client alert—these memoranda highlight the Administration’s concerns with certain provisions of Dodd-Frank but will not effect major changes on their own.

Continue Reading Trump Directs Treasury to Review Dodd-Frank Orderly Liquidation Authority and FSOC Processes

Having released executive orders directing federal agencies to curb the issuance of new regulations and requiring a regulatory review of financial regulations, President Trump issued a new executive order on February 24, 2017 (the “Order”) to create a process within the federal agencies for implementing his administration’s deregulatory agenda.

The Order contains two general

On January 30, 2017, President Trump issued an Executive Order to reduce the number of federal regulations and control regulatory costs (the “Order”).

The Order, which applies to any “executive department or agency”—

  • forbids any such department or agency from issuing a new regulation unless it identifies two existing regulations to be rescinded, unless prohibited by law;
  • forbids any such department or agency from issuing a new regulation unless the incremental costs of the new regulation are offset by eliminating existing costs associated with at least two existing regulations, to the extent permitted by law;
  • requires that, in the fiscal year 2017, the total incremental cost of all new regulations, including repealed regulations, be no greater than zero, unless required by law or consistent with advice of the Director of the Office of Management and Budget (“OMB”);
  • requires, beginning in the fiscal year 2018, each such department and agency to submit annual regulatory cost submissions to OMB;
  • forbids any such department or agency from issuing a regulation unless the regulation was included on the most recent version of the department or agency’s Unified Regulatory Agenda, unless required by law;
  • requires the Director of OMB to identify to agencies the total amount of incremental costs allowed for each agency in issuing new regulations each year; and
  • requires the Director of OMB to provide guidance to the heads of such departments and agencies on how to implement the Order’s requirements.

Continue Reading Trump Administration Issues Executive Order to Curb New Regulations