In an article published by Law360 on Feb. 9, 2017, Tom Potter provides detailed insight on the recent flurry of executive orders signed by President Trump. First, he discussed the “two for one” order, noting that it doesn’t actually require the elimination of two regulations for every new one issued. Instead, it requires executive branch agencies to “identify at least two existing regulations” for every new one issued, and then eliminate existing regulatory costs at the 2-1 ratio, Potter explains. In regards to the order aimed at “doing a number on Dodd-Frank,” it clearly presages a policy shift, but it merely orders a reassessment of the rules and their effect. Finally, Potter explained how the February 3 order discussing the Department of Labor’s (DOL) fiduciary rule will not delay the April 10 implementation as previously expected. “Instead,” Potter said, “the memorandum directs the labor secretary (also not yet confirmed) to ‘prepare an updated economic and legal [impact] analysis.’” The analysis will consider, among others, whether the rule:
- Reduces investor access to products, information or advice;
- Disrupts the industry in a way that adversely affects investors or retirees; and
- Likely increases consumer cost by increased litigation.
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