Economy

The Business Rules the Trump Administration Is Racing to Finish

Share this:


In the remaining days of his administration, President Trump is speeding to put in force a raft of recent rules and govt orders which can be supposed to place his stamp on enterprise, commerce and the financial system.

Previous presidents of their last time period have used the interval between the election and the inauguration to take last-minute actions to increase and seal their agendas. Some of the adjustments are clearly aimed toward making it more durable, no less than for a time, for the following administration to pursue its objectives.

Of course, President-elect Joseph R. Biden Jr. might subject new govt orders to overturn Mr. Trump’s. And Democrats in Congress, who will management the House and the Senate, might use the Congressional Review Act to rapidly reverse regulatory actions from way back to late August.

Here are a number of the issues that Mr. Trump and his appointees have completed or try to do earlier than Mr. Biden’s inauguration on Jan. 20. — Peter Eavis

Prohibiting Chinese apps and different merchandise. Mr. Trump signed an govt order on Tuesday banning transactions with eight Chinese software program functions, together with Alipay. It was the newest escalation of the president’s financial battle with China. Details and the beginning of the ban will fall to Mr. Biden, who might resolve to not observe by way of on the thought. Separately, the Trump administration has additionally banned the import of some cotton from the Xinjiang area, the place China has detained huge numbers of people who find themselves members of ethnic minorities and compelled them to work in fields and factories. In one other transfer, the administration prohibited a number of Chinese corporations, together with the chip maker SMIC and the drone maker DJI, from shopping for American merchandise. The administration is weighing additional restrictions on China in its last days, together with including Alibaba and Tencent to an inventory of corporations with ties to the Chinese army, a designation that might forestall Americans from investing in these companies. — Ana Swanson

Defining gig employees as contractors. The Labor Department on Wednesday launched the ultimate model of a rule that might classify hundreds of thousands of employees in industries like building, cleansing and the gig financial system as contractors fairly than workers, one other step towards endorsing the enterprise practices of corporations like Uber and Lyft. — Noam Scheiber

Trimming social media’s authorized protect. The Trump administration not too long ago filed a petition asking the Federal Communications Commission to slender its interpretation of a strong authorized protect for social media platforms like Facebook and YouTube. If the fee doesn’t act earlier than Inauguration Day, the matter will land within the desk of whomever Mr. Biden picks to steer the company. — David McCabe

Taking the tech giants to court docket. The Federal Trade Commission filed an antitrust swimsuit towards Facebook in December, two months after the Justice Department sued Google. Mr. Biden’s appointees should resolve how finest to maneuver ahead with the instances. — David McCabe

Adding new cryptocurrency disclosure necessities. The Treasury Department late final month proposed new reporting necessities that it mentioned had been supposed to stop cash laundering for sure cryptocurrency transactions. It gave solely 15 days — over the vacations — for public remark. Lawmakers and digital foreign money fanatics wrote to the Treasury secretary, Steven Mnuchin, to protest and gained a brief extension. But opponents of the proposed rule say the method and substance are flawed, arguing that the requirement would hinder innovation, and are more likely to problem it in court docket. — Ephrat Livni

Limiting banks on social and environmental points. The Office of the Comptroller of the Currency is speeding a proposed rule that might ban banks from not lending to sure varieties of companies, like these within the fossil gas trade, on environmental or social grounds. The regulator unveiled the proposal on Nov. 20 and restricted the time it might settle for feedback to 6 weeks regardless of the interruptions of the vacations. — Emily Flitter

Overhauling guidelines on banks and underserved communities. The Office of the Comptroller of the Currency can be proposing new tips on how banks can measure their actions to get credit score for fulfilling their obligations beneath the Community Reinvestment Act, an anti-redlining legislation that forces them to do enterprise in poor and minority communities. The company rewrote a number of the guidelines in May, however different regulators — the Federal Reserve and the Federal Deposit Insurance Corporation — didn’t signal on. — Emily Flitter

Insuring “hot money” deposits. On Dec. 15, the F.D.I.C. expanded the eligibility of brokered deposits for insurance coverage protection. These deposits are infusions of money right into a financial institution in trade for a excessive rate of interest, however are often called “hot money” as a result of the purchasers can transfer the deposits from financial institution to financial institution for greater returns. Critics say the change might put the insurance coverage fund in danger. F.D.I.C. officers mentioned the brand new rule was wanted to “modernize” the brokered deposits system. — Emily Flitter

Narrowing regulatory authority over airways. The Department of Transportation in December licensed a rule, sought by airways and journey brokers, that limits the division’s authority over the trade by defining what constitutes an unfair and misleading apply. Consumer teams extensively opposed the rule. Airlines argued that the rule would restrict regulatory overreach. And the division mentioned the definitions it used had been consistent with its previous apply. — Niraj Chokshi

Rolling again a light-weight bulb rule. The Department of Energy has moved to block a rule that might part out incandescent mild bulbs, which individuals and companies have more and more been changing with rather more environment friendly LED and compact fluorescent bulbs. The power secretary, Dan Brouillette, a former auto trade lobbyist, mentioned in December that the Trump administration didn’t need to restrict shopper selection. The rule had been slated to enter impact on Jan. 1 and was required by a legislation handed in 2007. — Ivan Penn



Source hyperlink

Comment here