White House Issues Executive Order on Independent Agencies

On February 18, the White House issued an Executive Order “Ensuring Accountability for all Agencies.” The Executive Order requires the SEC (and other independent agencies) to submit draft regulations for White House review, consult with the White House on strategic plans and priorities, and allow the White House to set performance standards. The Executive Order also permits the Director of the Office of Management and Budget to adjust SEC funds appropriated by Congress. Additionally, according to the fact sheet “The President and the Attorney General (subject to the President’s supervision and control) will interpret the law for the executive branch, instead of having separate agencies adopt conflicting interpretations.” The impact the Executive Order will have on the SEC will play out over the coming months. President Trump’s nominee to serve as the next SEC Chair, Paul Atkins, has not yet testified before the Senate Banking Committee. He is likely to receive questions from Members of Congress during that hearing on the Executive Order. Furthermore, there is a possibility the Executive Order could face legal challenges.

Click here to read the “Ensuring Accountability for all Agencies” Executive Order.
Click here to read the fact sheet covering the Executive Order.