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President Trump yesterday signed an executive order to expand his administration’s oversight of various independent agencies, including the Securities and Exchange Commission and the Federal Trade Commission ( The Wall Street Journal, subscription).  

What’s going on: The “order requires that independent agencies submit major regulations to the White House Office of Management and Budget for review” and have their performance standards and budget allotments reviewed by the OMB.

• In addition to the SEC and FTC, the EO is expected to apply to the Federal Election Commission, the Federal Communications Commission and others.
• The order mandates that the agencies—established by Congress to operate with some degree of independence from the president and the administration—hire a White House liaison.
• It also bars the agencies from taking legal stances in opposition to those of President Trump or Attorney General Pam Bondi. 

What’s exempt: “The Federal Reserve’s handling of interest-rate policy” does not come under the EO.   

• However, the order does apply to the central bank’s other duties, including regulating and supervising banks.   

Unitary executive: The move is part of a broader effort, which is already being challenged in court, by the Trump administration to bring independent agencies under the president’s direct control.   

• Earlier this month, the Department of Justice asserted that the president should be empowered to remove at will the members of independent boards and commissions like the FTC, the National Labor Relations Board and the Consumer Product Safety Commission.