With a straight face, President Trump has issued an executive order on June 20th that would expand Apprenticeship opportunities in the US in order to expand jobs. The CFTC has adopted some final rules on records administration and its whistleblower program. It has also introduced a new project to evaluate its system of rules to see where simplification is warranted. FinCEN is moving against a Chinese bank that helps North Korea.
The banking agencies did not appear to be participating in the supposed frenzy of rulemaking that has been prompted by the Trump election. In one of the few instances in history where powers of banks were actually reduced, banks were restricted in their dealings with industrial metals. The CFTC proposed and adopted a variety of year-end regulations including related to position limits and aggregation of positions. Big banks are bearing the brunt of regulatory focus including new final rules on deposit account recordkeeping and disclosure of liquidity coverage.
The President issued an order subjecting certain Libyan persons to asset blocking and travel restrictions due to the deteriorating conditions in Libya. OFAC will most likely update its sanctions to reflect the President’s actions.