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April 24, 2018

The U.S. Treasury Department released a report detailing its accomplishments in support of the President’s regulatory reform agenda. The Department of the Treasury has undertaken extensive efforts to implement the President’s regulatory reform agenda. This report details the steps that Treasury has taken since President Trump issued Executive Order 13777, “Enforcing the Regulatory Reform Agenda,” on February 24, 2017.

The regulatory reform accomplishments include eliminating, reducing, or proposing to eliminate more than 300 regulations, including ineffective, unnecessary, or out-of-date “deadwood” regulations. The reform also led to a reduction in the Treasury’s regulatory agenda by approximately 100 items, year-over-year, from Fall 2016 to Fall 2017 and over 250 Treasury recommendations to reform and reduce the burdens of regulation in the U.S. domestic financial system. The report highlights that the Treasury and the financial regulatory agencies have made significant progress in pursuing a number of the recommendations detailed in the Core Principles report.

In August 2017, OCC published a notice soliciting public input on how the regulations implementing the Volcker Rule could be revised. The notice followed Treasury’s June 2017 report to the President, which had recommended that Congress exempt smaller institutions from the Volcker Rule altogether and exempt larger banks with little trading from the proprietary trading requirements of the rule. Additionally, after Treasury issued several of its reports concerning domestic financial regulation, Senator Crapo introduced the Economic Growth, Regulatory Relief, and Consumer Protection Act, which has passed in the Senate. The bill reflects several of Treasury’s recommendations. For example, the bill includes a small-bank exemption from the Volcker Rule, a simpler regulatory regime for highly capitalized community banks, and a higher threshold for subjecting bank holding companies to enhanced prudential standards.

In 2013, FED, FDIC, and OCC issued guidance on leveraged lending by large financial institutions. The guidance addressed issues such as underwriting, risk management, and valuation standards. Many stakeholders criticized the guidance for making policy shifts outside a notice and comment environment and for being unnecessarily restrictive on this type of activity. Treasury recommended that the three agencies re-issue the guidance for public comment. In November and December 2017, heads of these agencies announced, in separate letters to Capitol Hill, that they intended to seek public comment on the guidance and make related changes.

 

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Keywords: Americas, US, Banking, Regulatory Reform, Proportionality, Volcker Rule, US Treasury

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