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Presidential Executive Order 13772 (Donald Trump, 2017)

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Executive Order 13772: Core Principles for Regulating the United States Financial System was a presidential executive order issued by President Donald Trump (R) in 2017 that put forth a set of standards, or core principles, to guide regulatory actions that impact the financial industry. The core principles aimed to foster economic growth, advance the domestic and international competitiveness of American companies, and streamline financial regulations, among other priorities. The order also directed the secretary of the U.S. Department of the Treasury to provide the president with periodic reports reviewing how the order's core principles were reflected in existing financial regulations, recommending regulatory improvements, and noting any actions taken to promote the core principles.[1]

President Joe Biden (D) revoked E.O. 13772 on February 24, 2021, via E.O. 14018.[2]

Background

During the 2016 presidential campaign, then-presidential candidate Donald Trump campaigned on a platform to eliminate what he called "job-killing regulations." He pledged to make repeal or reform of the 2010 Dodd-Frank Act—legislation broadly aimed at protecting consumers from abusive financial services practices—and the law's resulting regulations a major goal of his transition. Prior to a meeting with his economic advisors on February 3, 2017, President Trump stated, “We expect to be cutting a lot out of Dodd-Frank. I have so many people, friends of mine, with nice businesses, they can’t borrow money, because the banks just won’t let them borrow because of the rules and regulations and Dodd-Frank.” Later that day, Trump issued Executive Order 13772, titled "Core Principles for Regulating the United States Financial System," geared toward examining, streamlining, and developing recommendations to improve federal regulations that impact the financial industry.[3][4]

Though E.O. 13772 did not specifically mention the Dodd-Frank Act, the order's provisions targeted financial regulations that stemmed from the legislation.[5] The order put forth a set of guidelines, described as core principles, that the Trump administration aimed to promote with respect to administrative regulations that impact the financial industry. Click here for a full list of the order's core principles.[1][5]

E.O. 13772 also required the secretary of the U.S. Department of the Treasury to periodically report to the president with a review of how the order's core principles were reflected in existing financial regulations, proposals for improvement, and descriptions of any actions taken to promote the core principles.[1]

Impact

Treasury Secretary Steve Mnuchin had issued three reports pursuant to E.O. 13772 as of April 2018. The reports included recommendations to streamline financial regulations through executive and legislative actions. The recommendations addressed regulations that impact "markets, liquidity, central clearing, financial products, asset management, insurance, and innovation," according to the first report.[6][7][8]

Provisions

Regulatory principles

The order put forth the following guidelines, or core principles, for regulatory actions concerning the financial industry:

“

(a) empower Americans to make independent financial decisions and informed choices in the marketplace, save for retirement, and build individual wealth;

(b) prevent taxpayer-funded bailouts;

(c) foster economic growth and vibrant financial markets through more rigorous regulatory impact analysis that addresses systemic risk and market failures, such as moral hazard and information asymmetry;

(d) enable American companies to be competitive with foreign firms in domestic and foreign markets;

(e) advance American interests in international financial regulatory negotiations and meetings;

(f) make regulation efficient, effective, and appropriately tailored; and

(g) restore public accountability within Federal financial regulatory agencies and rationalize the Federal financial regulatory framework.[1][9]

”

Reporting requirements

The order directed the secretary of the U.S. Department of the Treasury, in consultation with the heads of the agencies that make up the Financial Stability Oversight Council, to periodically report to the president concerning "the extent to which existing laws, treaties, regulations, guidance, reporting and recordkeeping requirements, and other Government policies promote the Core Principles and what actions have been taken, and are currently being taken, to promote and support the Core Principles." The periodic reports were also required to include information about any laws or policies that inhibited the core principles.[1]

See also

External links

Footnotes

  1. ↑ 1.0 1.1 1.2 1.3 1.4 WhiteHouse.gov, "Presidential Executive Order on Core Principles for Regulating the United States Financial System," February 3, 2017
  2. ↑ WhiteHouse.gov, "Executive Order on the Revocation of Certain Presidential Actions," February 24, 2021
  3. ↑ The Atlantic, "Trump Begins to Chip Away at Banking Regulations," February 3, 2017
  4. ↑ The New Republic, "How Democrats Are Helping Trump Dismantle Dodd-Frank," March 1, 2018
  5. ↑ 5.0 5.1 The New York Times, "Trump Moves to Roll Back Obama-Era Financial Regulations," February 3, 2017
  6. ↑ U.S. Department of the Treasury, "Treasury Releases Second Report On The Administration’s Core Principles Of Financial Regulation," October 6, 2017
  7. ↑ U.S. Department of the Treasury, " Treasury Releases Third Report On The Administration’s Core Principles For Financial Regulation," October 26, 2017
  8. ↑ U.S. Department of the Treasury, " Treasury Releases First Report on Core Principles of Financial Regulation Stimulating Economic Growth, Increasing Access to Capital & Taxpayer Protection Are Top Priorities," June 12, 2017
  9. ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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