On July 11, President Barack Obama signed an Executive Order directing “independent regulatory agencies”, including the Securities and Exchange Commission, Commodities Futures Trading Commission, Board of Governors of the Federal Reserve System, and several other federal agencies, to comply, to the extent permitted by law, with Executive Order 13563. Executive Order 13563, which the President signed on January 18, directed federal agencies, other than independent regulatory agencies, to engage in a cost-benefit analysis, with the participation of the public, of proposed and existing regulation and to develop means to better coordinate regulation across multiple agencies.
The July 11 Executive Order also directed that within 120 days of the date of the Order, independent regulatory agencies are to “develop and release to the public a plan. . . under which the agency will periodically review its existing significant regulations to determine whether any such regulations should be modified, streamlined, expanded or repealed so as to make the agency’s regulatory program more effective or less burdensome in achieving the regulatory objectives.”