On February 18, President Trump signed an executive order to limit the autonomy of independent agencies, including the FTC, the SEC, and the FCC. The order stated previous administrations have allowed such independent agencies to operate with limited presidential supervision and practices that, according to the order, “undermine such regulatory agencies’ accountability to the American people and prevent a unified and coherent execution of Federal law.” A fact sheet on the order noted independent agencies will now be required to submit draft regulations to the White House for review, establishing that 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.” While the Fed’s monetary policy functions were exempted, the order authorized the Director of the Office of Management and Budget, Russell Vought, to establish performance standards and management objectives, adjust budget apportionments, and prohibit expenditures on activities, functions or projects at the independent agencies.
