Independent agencies are not covered under the ‘1-for-2’ regulatory-reduction order signed by President Trump last week, confirming earlier reports.
In interim guidance issued by Dominic J. Mancini, Acting Administrator, Office of Information and Regulatory Affairs, the White House clarified that “significant actions” by the agencies – which includes federal financial institution regulators –are not covered under the order. The guidance is dated Feb. 2.
In a question and answer format, the guidance addressed are independent agencies covered by the order. “No, the requirements of Section 2 apply only to those agencies required to submit significant regulatory actions to OIRA for review under EO 12866. Nevertheless, we encourage independent regulatory agencies to identify existing regulations that, if repealed or revised, would achieve cost savings that would fully offset the costs of new significant regulatory actions.”