The U.S. Treasury’s new Capital Markets Report recommends additional administrative requirements for regulatory actions by the SEC and the CFTC (the “Agencies”).  If adopted, the process by which the Agencies issue new regulations and guidance may be more transparent and subjected to more rigorous cost-benefit analysis.  Rulemaking and issuing no-action
Continue Reading Treasury Report Recommends Additional Process and Constraints for Market Regulators

This evening, Treasury Secretary Mnuchin published the long-awaited report on proposals to existing banking regulations (press release here), which is the first of what will be several reports, in accordance with President Trump’s February 3 Executive Order on Core Principles for Regulating the U.S. Financial System. The report
Continue Reading Treasury Publishes First Report on Banking Regulations

Few have embraced President Trump’s Executive Order on Core Principles for Regulating the U.S. Financial System as swiftly and decisively as CFTC Acting Chair Christopher Giancarlo. His Project KISS – Keep It Simple, Stupid, announced within weeks of the Executive Order, is an agency-wide internal review focused on simplifying
Continue Reading CFTC’s Project KISS Gets Underway: Giancarlo Makes the First Move

There is no shortage of ideas from the financial sector on how to rebalance financial sector regulation judging by the many reports, white papers and letters that have been sent to Treasury Secretary Mnuchin and his staff. We thought our readers, and perhaps the Treasury staff who must be burning
Continue Reading What We are Reading – Letters to the Treasury Secretary and His Staff

President Trump issued a Presidential Memorandum last Friday, April 21, which directed the Treasury Secretary to conduct a review of the Orderly Liquidation Authority (OLA). OLA was established by Title II of the Dodd-Frank Act. Its potential repeal, with or without a new Chapter 14 (or subchapter V of Chapter
Continue Reading The Presidential Memorandum on the Orderly Liquidation Authority – Another Look

Yesterday afternoon, President Trump issued a memorandum directing the DOL to review the fiduciary rule it released last April that expanded the definition of an investment advice fiduciary with respect to retirement investors. The fiduciary rule became effective on June 7, 2016, but the requirements under the rule would not
Continue Reading What’s Next for the DOL Fiduciary Rule?

There is a world of difference between the initial public perceptions and the actual text of the executive order. The elegantly written Executive Order, sets forth a series of core principles that the Trump Administration believes should guide financial regulation. These principles are broad goals upon which, in more
Continue Reading The President’s Executive Order on Financial Regulation – A Thoughtful Step ForwardHidden Beneath the Spin

The transition of power from one Administration to another, especially when it involves a change of party, is governed both by law and custom. Both may be changing. In this post, we examine the evolving law and custom around how regulations enacted in the past few months might be rolled
Continue Reading More than Just Midnight Regulations

This blog post sets out how rollback of the Dodd-Frank Act or its implementing regulations might work. President Elect Trump’s administration and the new Republican majority in Congress could amend the relevant statutes or amend, repeal or block current regulations. Most of the methods are neither simple nor quick. Repealing
Continue Reading How Regulatory Rollback Works