FOR IMMEDIATE RELEASE: Feb. 18, 2025

CONTACT:
Carter Dougherty
carter@ourfinancialsecurity.org

Latest Trump Executive Order Illegally Subverts Independence of Critical Agencies

WASHINGTON, D.C. — The Trump White House unveiled a new executive order that illegally undermines the congressionally-mandated independence of federal agencies that have a statutory obligation to regulate impartially in order to protect the public. A fact sheet that accompanied the executive order singled out the Securities and Exchange Commission, which regulates the stock markets, the Federal Trade Commission, which enforces antitrust law and consumer protection statutes, and the Federal Election Commission, which oversees electoral ethics and political spending. 

“President Trump’s power grab subverts the rule of law and will allow political cronies and billionaire insiders to directly shape important regulatory decisions in their own interests,” said Patrick Woodall, managing director for policy at Americans for Financial Reform. 

The order explicitly allows the Office of Management and Budget to “prohibit independent regulatory agencies from expending appropriations on particular activities, functions, projects, or objects,” supplanting agency decision making, and giving the OMB veto power over independent agency activities. That includes rulemaking and enforcement in areas that shape broad areas of the economy, including antitrust, capital markets, consumer protection, and more.  Independent agency rulemaking and other actions require taking and responding to public input and documenting why decisions are made. The order has the effect of overriding those safeguards. 

“The administration rails against unelected bureaucrats but has made unelected Elon Musk a kind of co-president and is putting unelected extreme idealogue Russell Vought in charge of independent agencies,” said Woodall. “This is a recipe for allowing billionaires and corporate insiders to write rules that favor themselves at the rest of our expense.” 

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