President Trump: The First 100 Days
Now that President Donald Trump’s first 100 days is over - how did he do? More specifically, what is the state of financial and regulatory reform?
President Trump’s strong rhetoric towards financial reform throughout his campaign was echoed over his first 100 days, but not quite as prominently as during his campaign. Since the inauguration, financial reform has more or less been pushed into the shadows while President Trump has more publicly driven healthcare and tax reform. But, that does not mean that financial reform has been left out of the President’s agenda. On day one, President Trump issued a Presidential Memorandum directing the halt to new regulatory and financial legislation. Subsequently, more Presidential Memorandums and Executive Orders followed that directed various financial and regulatory agencies to carry out a methodical shutdown and review all financial regulations that are pending or recently finalized but not yet applicable.
The most definitive financial action occurred on February 3rd, when President Trump signed the Executive Order titled “Core Principles for Regulating the United States Financial System.” This Order mandated the Secretary of Treasury, Steven Mnuchin, to consult with the heads of the member agencies of the Financial Stability Oversight Council and to identify which laws, regulations, or other requirements uphold the ‘Core Principles’ as defined in the Executive Order and which inhibit Federal regulation of the financial system in a manner consistent with the ‘Core Principles’. This mandate gave Secretary Mnuchin 120 days to present his findings to the President.
In this quarter’s newsletter, Sia Partners’ Risk and Regulatory Group digs into President Trump’s first 100 days in office and reviews what has occurred and what changes are anticipated to affect the financial services industry in the coming year.