If you haven’t been paying any attention for the last two weeks, you may have missed that on February 3, 2017 President Trump signed an Executive Order setting forth his administration’s core principles for regulating the United States’ financial system. The order seems to be the first step in fulfilling his campaign promise to change Dodd-Frank, the Obama-era financial law that was enacted after the 2008 financial crisis.

The order contains three sections.

1. The first sets forth the Trump administration’s Core Principles, which include empowering Americans to make informed financial decisions, fostering “economic growth and vibrant financial markets,” and enabling “American companies to be competitive with foreign firms.” At the same time, those companies are warned that “prevent[ing] taxpayer-funded bailouts” is another Core Principle.

2. Section 2 starts the work. It requires the Secretary of the Treasury to meet with the heads of the member agencies of the Financial Stability Oversight Council and report to the President within 120 days on what laws will promote the Core Principles and what laws are inhibiting those principles.

3. The last section is a housekeeping provision. It makes clear that the Executive Order isn’t intended to change executive agency authority or existing law. It also isn’t intended to give any person the ability to sue the government.

You can find a copy of the Executive Order here.

If you have any questions, please contact us.