President Donald Trump's executive order on Monday, pausing pending regulations, has been met with approval from the nation's largest banks. The executive order signed by Trump instructs all departments and agencies to hold off on proposing or issuing any new rules until reviewed and approved by the new administration.
The Bank Policy Institute, representing major US banks such as Bank of America, Citigroup, and JPMorgan Chase, expressed strong support for Trump's decision. CEO Greg Baer stated that they back the pause on all pending rulemakings and encouraged the administration to extend the review process to include policy statements, interpretive rules, and agency actions that have been enforced as binding rules without the necessary notice-and-comment process.
For years, banks have raised concerns about certain regulations under the Biden administration, particularly those related to capital requirements and rules from the Consumer Financial Protection Bureau.
