White House confirms: 1-for-2 order exempts independent agencies

Independent agencies — including federal financial institution regulators — are exempt from an executive order issued today that any new, proposed federal regulation would have to be offset by repeal of “at least two” existing regulations.

Reuters reported this afternoon that the White House confirmed today that the order does not apply to independent agencies.

The order, signed by President Donald Trump early today, notes that certain categories of regulation will be exempt from the new policy, including those dealing with the military and national security, or those dealing with an agency’s organization, management or personnel.

The order does not specifically exempt federal financial institution regulatory agencies, or mention independent agencies. The White House confirmation was reported separately from the issuing of the order.

Also, under the order, the director of the Office of Management and Budget (OMB) would have the power to exempt any other category of regulations.