Biden team lays groundwork to reverse Trump-era banking policies
By Brendan Pedersen and Neil Haggerty
The Biden administration appears to be wasting no time attempting to unravel Trump-era financial policies. The new president has not been in office for more than two days, and already the White House has selected regulatory nominees for key vacancies with progressive records, and urged executive-branch agencies to pause rulemakings yet to go into effect. …“It certainly will indirectly apply to the agencies because they generally do their best to adhere to OMB standards, even though they are not covered by them,” Karen Petrou, managing director at Federal Financial Analytics. Petrou noted that the Klain memo goes further than decrees by previous administrations for agencies to pause pending rules, by asking officials to consider whether any policies contribute to racial inequities in addition to resulting in unjust costs for specific industries.