The White House has released "Interim Guidance" on President Trump's Executive Order (EO) that requires agencies to remove two rules for every new one they publish. The Interim Guidance fleshes out how the Office of Management and Budget will implement and monitor the EO.
The Interim Guidance clarifies several areas in terms of which regulations are covered by the EO, including:
- Only significant regulatory actions which cost the economy $100 million or more;
- Only applies to agencies that are required to send regulatory actions to the OMB for review and approval;
- Does not include independent agencies, such as the Securities and Exchange Commission or the Consumer Financial Protection Bureau;
- New significant guidance or interpretive documents will be addressed on a case-by-case basis.
This Executive Order could have important implications for regulations that affect the real estate sector. NAR will continue to monitor and provide input as the details of this EO are refined and released.
White House Interim Guidance