Administrative State
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Executive Order 13772: Core Principles for Regulating the United States Financial System was a presidentialexecutive order issued byPresidentDonald 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 theU.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]

PresidentJoe Biden (D) revoked E.O. 13772 on February 24, 2021, viaE.O. 14018.^[2]

Background

During the 2016 presidential campaign, then-presidential candidateDonald Trump campaigned on a platform to eliminate what he called "job-killing regulations." He pledged to make repeal or reform of the 2010Dodd-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 theDodd-Frank Act, the order's provisions targeted financial regulations that stemmed from the legislation.^[5] The order put forth a set of guidelines, described ascore 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 theU.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 SecretarySteve 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:

Reporting requirements

The order directed the secretary of theU.S. Department of the Treasury, in consultation with the heads of the agencies that make up theFinancial 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

• U.S. Department of the Treasury
• Financial Stability Oversight Council
• Donald Trump

External links

• Executive Order 13772: "Core Principles for Regulating the United States Financial System"
• RegInfo.gov
• Regulations.gov
• Search Google News for this topic

Footnotes

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United States Terms Adjudication (administrative state) •Administrative judge •Administrative law •Administrative law judge •Administrative state •Arbitrary-or-capricious test •Auer deference •Barrier to entry •Bootleggers and Baptists •Chevron deference (doctrine) •Civil servant •Civil service •Code of Federal Regulations •Codify (administrative state) •Comment period •Compliance costs •Congressional Record •Coordination (administrative state) •Deference (administrative state) •Direct and indirect costs (administrative state) •Enabling statute •Ex parte communication (administrative state) •Executive agency •Federal law •Federal Register •Federalism •Final rule •Formal rulemaking •Formalism (law) •Functionalism (law) •Guidance (administrative state) •Hybrid rulemaking •Incorporation by reference •Independent federal agency •Informal rulemaking •Joint resolution of disapproval (administrative state) •Major rule •Negotiated rulemaking •Nondelegation doctrine •OIRA prompt letter •Organic statute •Pragmatism (law) •Precautionary principle •Promulgate •Proposed rule •Publication rulemaking •Regulatory budget •Regulatory capture •Regulatory dark matter •Regulatory impact analysis •Regulatory policy officer •Regulatory reform officer •Regulatory review •Rent seeking •Retrospective regulatory review •Risk assessment (administrative state) •Rulemaking •Separation of powers •Significant regulatory action •Skidmore deference •Statutory authority •Substantive law and procedural law •Sue and settle •Sunset provision •Unified Agenda of Federal Regulatory and Deregulatory Actions •United States Code •United States Statutes at Large Bibliography "Administrative Law - The 20th Century Bequeaths an 'Illegitimate Exotic' in Full and Terrifying Flower" by Stephen P. Dresch (2000) "Confronting the Administrative Threat" by Philip Hamburger and Tony Mills (2017) "Constitutionalism after the New Deal" by Cass R. Sunstein (1987) Federalist No. 23 by Alexander Hamilton (1787) "From Administrative State to Constitutional Government" by Joseph Postell (2012) "Interring the Nondelegation Doctrine" by Eric A. Posner and Adrian Vermeule (2002) "Rulemaking as Legislating" by Kathryn Watts (2015) "The Checks & Balances of the Regulatory State" by Paul R. Verkuil (2016) "The Myth of the Nondelegation Doctrine" by Keith E. Whittington and Jason Iuliano (2017) "The Progressive Origins of the Administrative State: Wilson, Goodnow, and Landis" by Ronald J. Pestritto (2007) "The Rise and Rise of the Administrative State" by Gary Lawson (1994) "The Study of Administration" by Woodrow Wilson (1887) "The Threat to Liberty" by Steven F. Hayward (2017) "Why the Modern Administrative State Is Inconsistent with the Rule of Law" by Richard A. Epstein (2008) Agencies Administrative Conference of the United States •United States Civil Service Commission •U.S. Government Accountability Office •U.S. Office of Information and Regulatory Affairs •U.S. Office of Management and Budget