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This podcast provides you the ability to listen to new regulatory guidance issued by the National Credit Union Administration, and occasionally the F D I C, the O C C, the F F I E C, or the C F P B. We will focus on new and material agency guidance, and historically important and still active guidance from past years that NCUA cites in examinations or conversations. This podcast is educational only and is not legal advice. We are sponsored by Credit Union Exam Solutions Incorporated. We also have another podcast called With Flying Colors where we provide tips for achieving success with the N C U A examination process and discuss hot topics that impact your credit union.
Samantha: Hello, this is Samantha Shares.
This episode covers President
Trump's Executive Order: Ensuring
Accountability for All Agencies.
The following is an audio
version of that order.
This podcast is educational
and is not legal advice.
We are sponsored by Credit Union
Exam Solutions Incorporated, whose
team has over two hundred and
Forty years of National Credit
Union Administration experience.
We assist our clients with N C
U A so they save time and money.
If you are worried about a recent,
upcoming or in process N C U A
examination, reach out to learn how they
can assist at Mark Treichel DOT COM.
Also check out our other podcast called
With Flying Colors where we provide tips
on how to achieve success with N C U A.
And now the executive order.
By the authority vested in me as
President by the Constitution and
the laws of the United States of
America, it is hereby ordered:
Section 1.
Policy and Purpose.
The Constitution vests all executive
power in the President and charges him
with faithfully executing the laws.
Since it would be impossible for the
President to single-handedly perform all
the executive business of the Federal
Government, the Constitution also provides
for subordinate officers to assist
the President in his executive duties.
In the exercise of their
often-considerable authority,
these executive branch officials
remain subject to the Presidentâs
ongoing supervision and control.
The President in turn is regularly elected
by and accountable to the American people.
This is one of the structural safeguards,
along with the separation of powers
between the executive and legislative
branches, regular elections for the
Congress, and an independent judiciary
whose judges are appointed by the
President by and with the advice
and consent of the Senate, by which
the Framers created a Government
accountable to the American people.
However, previous administrations
have allowed so-called âindependent
regulatory agenciesâ to operate with
minimal Presidential supervision.
These regulatory agencies currently
exercise substantial executive
authority without sufficient
accountability to the President, and
through him, to the American people.
Moreover, these regulatory
agencies have been permitted to
promulgate significant regulations
without review by the President.
These practices undermine such regulatory
agenciesâ accountability to the
American people and prevent a unified
and coherent execution of Federal law.
For the Federal Government to be truly
accountable to the American people,
officials who wield vast executive
power must be supervised and controlled
by the peopleâs elected President.
Therefore, in order to improve the
administration of the executive
branch and to increase regulatory
officialsâ accountability to the
American people, it shall be the
policy of the executive branch to
ensure Presidential supervision and
control of the entire executive branch.
Moreover, all executive departments and
agencies, including so-called independent
agencies, shall submit for review all
proposed and final significant regulatory
actions to the Office of Information
and Regulatory Affairs (OIRA) within the
Executive Office of the President before
publication in the Federal Register.
Sec.
2.
Definitions.
For the purposes of this order:
(a) The term âemployeesâ shall have
the meaning given that term in section
2105 of title 5, United States Code.
(b) The term âindependent regulatory
agencyâ shall have the meaning
given that term in section 3502(5)
of title 44, United States Code.
This order shall not apply to the Board
of Governors of the Federal Reserve System
or to the Federal Open Market Committee
in its conduct of monetary policy.
This order shall apply to the Board
of Governors of the Federal Reserve
System only in connection with its
conduct and authorities directly
related to its supervision and
regulation of financial institutions.
(c) The term âindependent regulatory
agency chairmanâ shall mean, with
regard to a multi-member independent
regulatory agency, the chairman of such
agency, and shall mean, with regard to
a single-headed independent regulatory
agency, such agencyâs chairman,
director, or other presiding officer.
(d) The term âheadâ of an independent
regulatory agency shall mean those
appointed to supervise independent
regulatory agencies and in whom the
agenciesâ authorities are generally
vested, encompassing the chairman,
director, or other presiding
officer, and, as applicable, other
members, commissioners, or similar
such officials with responsibility
for supervising such agencies.
Sec.
3.
OIRA Review of Agency Regulations.
(a) Section 3(b) of Executive Order
12866 of September 30, 1993 (âRegulatory
Planning and Reviewâ), as amended,
is hereby amended to read as follows:
â(b) âAgency,â unless otherwise
indicated, means any authority
of the United States that is
an âagencyâ under 44 U.S.C.
3502(1), and shall also include
the Federal Election Commission.
This order shall not apply to the Board
of Governors of the Federal Reserve System
or to the Federal Open Market Committee
in its conduct of monetary policy.
This order shall apply to the Board
of Governors of the Federal Reserve
System only in connection with its
conduct and authorities directly
related to its supervision and
regulation of financial institutions.â.
(b) The Director of the Office of
Management and Budget (OMB) shall
provide guidance on implementation of
this order to the heads of executive
departments and agencies newly
submitting regulatory actions under
section 3(b) of Executive Order 12866.
Agency submissions by independent
regulatory agencies under such
section shall commence within
the earlier of 60 days from the
date of this order, or completion
of such implementation guidance.
Sec.
4.
Performance Standards and
Management Objectives.
The Director of OMB shall establish
performance standards and management
objectives for independent agency
heads, as appropriate and consistent
with applicable law, and report
periodically to the President on
their performance and efficiency in
attaining such standards and objectives.
Sec.
5.
Apportionments for Independent
Regulatory Agencies.
The Director of OMB shall,
on an ongoing basis:
(a) review independent regulatory
agenciesâ obligations for
consistency with the Presidentâs
policies and priorities; and
(b) consult with independent regulatory
agency chairmen and adjust such
agenciesâ apportionments by activity,
function, project, or object, as
necessary and appropriate, to advance
the Presidentâs policies and priorities.
Such adjustments to apportionments
may prohibit independent regulatory
agencies from expending appropriations
on particular activities, functions,
projects, or objects, so long as such
restrictions are consistent with law.
Sec.
6.
Additional Consultation with the
Executive Office of the President.
(a) Subject to subsection (b),
independent regulatory agency chairmen
shall regularly consult with and
coordinate policies and priorities
with the directors of OMB, the White
House Domestic Policy Council, and the
White House National Economic Council.
(b) The heads of independent
regulatory agencies shall establish
a position of White House Liaison
in their respective agencies.
Such position shall be in grade 15 of
the General Schedule and shall be placed
in Schedule C of the excepted service.
(c) Independent regulatory agency
chairmen shall submit agency strategic
plans developed pursuant to the
Government Performance and Results
Act of 1993 to the Director of OMB
for clearance prior to finalization.
Sec.
7.
Rules of Conduct Guiding Federal
Employeesâ Interpretation of the Law.
The President and the Attorney
General, subject to the Presidentâs
supervision and control, shall
provide authoritative interpretations
of law for the executive branch.
The President and the Attorney
Generalâs opinions on questions of law
are controlling on all employees in
the conduct of their official duties.
No employee of the executive branch
acting in their official capacity may
advance an interpretation of the law
as the position of the United States
that contravenes the President or the
Attorney Generalâs opinion on a matter
of law, including but not limited to the
issuance of regulations, guidance, and
positions advanced in litigation, unless
authorized to do so by the President
or in writing by the Attorney General.
Sec.
8.
General Provisions.
(a) If any provision of this order,
or the application of any provision to
any person or circumstance, is held to
be invalid, the remainder of this order
and the application of its provisions
to any other persons or circumstances
shall not be affected thereby.
(b) Nothing in this order shall be
construed to impair or otherwise affect:
(i) the authority granted by
law to an executive department,
agency, or the head thereof; or
(ii) the functions of the Director
of the Office of Management and
Budget relating to budgetary,
administrative, or legislative proposals.
(c) This order shall be implemented
consistent with applicable law and subject
to the availability of appropriations.
(d) This order is not intended to, and
does not, create any right or benefit,
substantive or procedural, enforceable
at law or in equity by any party against
the United States, its departments,
agencies, or entities, its officers,
employees, or agents, or any other person.
This concludes the presidential order.
If your Credit union could use assistance
with your exam, reach out to Mark Treichel
on LinkedIn, or at mark Treichel dot com.
This is Samantha Shares and
we Thank you for listening.