Lawmaker Tells Treasury to Halt Rulemaking as Trump Prepares Return

A member of the House Financial Services and Foreign Affairs committees urged eight federal financial regulators, including the Treasury Department, to refrain from pushing through new rules in the waning days of the Biden administration.

With former President Donald Trump defeating Vice President Kamala Harris in last week’s presidential election, the regulators should “immediately cease all ongoing rulemaking actions and suspend the proposal or promulgation of any regulations," Rep. French Hill, R-Ark., said in a Nov. 13 letter to Treasury Secretary Janet Yellen and seven other agency heads.

“Americans have expressed their widespread discontent over the outgoing administration's excessive regulatory overreach throughout the past four years,” Hill wrote. “As a matter of transparency and public accountability, each of your agencies should abandon any action or plan to force through a politicized regulatory agenda, which voters have already rejected.”

Andrea Gacki, director of the Financial Crimes Enforcement Network, is cc’d on the letter. Treasury had no immediate comment on the letter.