Analysis focuses on impact for Treasury, FSOC of ‘core principles’ order

The Treasury Department and the members of the Financial Stability Oversight Council (FSOC) are the agencies expected to be “impacted” by President Donald Trump’s Feb. 3 executive order, “Core Principles for Regulating the U.S. Financial System,” according to a brief analysis issued by the Office of Management and Budget (OMB) today.

The budgetary impact analysis (signed by Acting OMB Director Mark Sandy) asserts that implementing the order would have a de minimus impact on both the costs and revenues to the federal government, as well as mandatory and discretionary obligations and outlays. Sandy’s analysis covers the “5-fiscal year period” beginning in 2017.

“The agencies anticipated to be impacted by this executive order include the Department of the Treasury and member agencies of the Financial Stability Oversight Council,” the analysis states.

Members of FSOC are:

  • Secretary of the Treasury (currently council chair);
  • Chairman of the Board of Governors of the Federal Reserve System;
  • Comptroller of the Currency (OCC);
  • Director of the Bureau of Consumer Financial Protection (CFPB);
  • Chairman of the Securities and Exchange Commission (SEC);
  • Chairperson of the Federal Deposit Insurance Corporation (FDIC);
  • Chairperson of the Commodity Futures Trading Commission (CFTC);
  • Director of the Federal Housing Finance Agency (FHFA);
  • Chairman of the National Credit Union Administration (NCUA); and
  • independent member with insurance expertise (appointed by the President and confirmed by the Senate for a six-year term).

Sandy’s analysis notes that the order directs the Treasury Secretary to “take steps to review the authorities and policies governing the regulation of the U.S. financial system and to report to the President regarding the reform of such regulation.”

Budgetary Impact Analysis for Executive Order Entitled “Core Principles for Regulating the U.S. Financial System”

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