In one of his first moves after his January 20 inauguration, President Trump ordered federal agencies to halt rulemaking until the new Administration can review all pending proposed regulations. He also ordered a review of regulations finalized late in the Biden Administration.
The executive order (EO) impacts all regulations and regulatory initiatives that happened prior to noon on June 20 (the timing of President Trump taking office). Regulation reviews will start at the agency level and will be overseen by the Office of Management and Budget (OMB).
Among the rules impacted by the executive order that are of concern to NAIFA are the fiduciary, worker classification, noncompete agreement, and overtime rules. Also potentially in play will be the Centers for Medicare and Medicaid Services (CMS) rule restricting compensation to those advising on the purchase of Affordable Care Act (ACA) health insurance.
Prospects: The regulatory freeze will take some time to result in changes to pending and not yet in effect finalized rules. The freeze is currently in effect for 60 days, but could be extended. It is likely many of the Biden Administration proposed rules will be withdrawn, and/or significantly changed.
NAIFA Staff Contacts: Diane Boyle – Senior Vice President – Government Relations, at dboyle@naifa.org; or Jayne Fitzgerald – Director – Government Relations, at jfitzgerald@naifa.org, or Mike Hedge – Senior Director – Government Relations, at mhedge@naifa.org.