President Trump on Friday issued an executive order as part of his administration’s efforts to reduce regulatory burdens. The order requires agencies to appoint regulatory reform task forces led by regulatory reform officers, with a mandate to identify regulations that eliminate jobs or inhibit job creation; are outdated, unnecessary or ineffective; have costs that outweigh their benefits; are inconsistent with regulatory reform initiatives; or derive from since-rescinded executive orders. Initial reports are due within 90 days.
FOMC holds rates steady
The FOMC announced that it will hold the target range for the federal funds rate at 4.25%-4.5%. However, Governors Michelle Bowman and Christopher Waller voted against the policy, instead preferring to lower the target range by 0.25 percent.