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®: CRE Regulatory Action of the Week

New Executive Order on Enforcing Regulatory Reform Agenda
On Feb. 24, 2017, President Trump signed his "Presidential Executive Order on Enforcing the Regulatory Reform Agenda." Among other actions, this new Executive Order requires most federal agencies "to designate an agency official as its Regulatory Reform Officer (RRO). Each RRO shall oversee the implementation of regulatory reform initiatives and policies to ensure that agencies effectively carry out regulatory reforms, consistent with applicable law." This new Executive Order also requires most agencies to "establish a Regulatory Reform Task Force" that

"evaluates existing regulations (as defined in section 4 of Executive Order 13771) and make recommendations to the agency head regarding their repeal, replacement, or modification, consistent with applicable law. At a minimum, each Regulatory Reform Task Force shall attempt to identify regulations that:

    (i) eliminate jobs, or inhibit job creation;

    (ii) are outdated, unnecessary, or ineffective;

    (iii) impose costs that exceed benefits;

    (iv) create a serious inconsistency or otherwise interfere with regulatory reform initiatives and policies;

    (v) are inconsistent with the requirements of section 515 of the Treasury and General Government Appropriations Act, 2001 (44 U.S.C. 3516 note) [i.e., the Information Quality Act] , or the guidance issued pursuant to that provision, in particular those regulations that rely in whole or in part on data, information, or methods that are not publicly available or that are insufficiently transparent to meet the standard for reproducibility; or

    (vi) derive from or implement Executive Orders or other Presidential directives that have been subsequently rescinded or substantially modified."
  • Click here to read the entire new Executive Order.