Executive disorder: little threat to Dodd-Frank from Trump memos

Order to scrap two rules for each new one cannot capture bank regulators or repeal legislation

Executive order image
Executive orders issued by the White House are effectively unenforceable on independent agencies

On January 30, the US Federal Reserve issued a new rule. The regulation itself was unremarkable – a series of tweaks to its Comprehensive Capital Analysis and Review (CCAR) stress test program relaxing compliance requirements for smaller banks.

What makes the rule remarkable is the fact that the Federal Reserve issued it at all. Just 10 days earlier, President Donald Trump’s new chief of staff had issued a memorandum instructing executive agencies to halt all new rulemakings in development

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