WASHINGTON—President Donald Trump has issued an executive order freezing new rulemakings.
The order states that all executive departments and agencies must not “propose or issue any rule in any manner, including by sending a rule to the Office of the Federal Register until a department or agency head appointed or designated by the President…reviews and approves the rule.
“The department or agency head may delegate this power of review and approval to any other person so appointed or designated by the President, consistent with applicable law,” the order continues. “The director or acting director of the Office of Management and Budget may exempt any rule that he deems necessary to address emergency situations or other urgent circumstances, including rules subject to statutory or judicial deadlines that require prompt action,”
Agencies, according to the order, must also “immediately withdraw any rules that have been sent to the OFR but not published in the Federal Register, so that they can be reviewed and approved as outlined in the order.
ICBA Responds
The Independent Community Bankers of America applauded the order.
“ICBA and the nation's community banks thank President Donald Trump for his executive order freezing new federal rulemakings,” said ICBA President and CEO Rebeca Romero Rainey. “Recalibrating the regulatory environment is long overdue, with excessively burdensome banking rules hindering economic growth in local communities.
“With the Trump administration and new Congress offering a historic opportunity to make significant improvements to financial services policy, ICBA’s ‘Repair, Reform, and Thrive’ plan and our recent open letter to the 119th Congress outline comprehensive reforms that address our most pressing policy challenges. ICBA’s plan offers a regulatory and legislative agenda to fix broken regulations harming communities, unleash the power of locally based banking, and fuel the future of community banking.”