Seven key issues from President Trump’s first 100 days and what’s next

All federal agencies, including independent agencies, are required to develop a list of regulations and guidance that are not clearly authorized by statute, whose costs outweigh their benefits or that pose significant burdens on small businesses, among other criteria. Agencies are to work with the White House to determine which should be rescinded, modified or amended. This directive was cited as one of the reasons why then-SEC Acting Chairman Mark Uyeda began the process of formally withdrawing the SEC from defending its climate disclosure rule in court.

• Another Trump order seeks to accelerate regulatory reforms by calling on agencies to repeal regulations or portions of regulations that exceed the agency’s authority or are otherwise unlawful. The order asserts that such rules can be overturned immediately without going through the normal rulemaking process (as defined in the Administrative Procedures Act (APA)), which requires a notice and comment period. It suggests that the “review and repeal” efforts should prioritize rules that conflict with a set of Supreme Court rulings.
• Regulations that inhibit competition and innovation are another target of scrutiny for this administration. Regulatory agencies must review regulations to determine if they have anticompetitive effects and recommend changes or rescissions. The Federal Trade Commission (FTC) also has issued a public request for input on rules that should be scrutinized for anticompetitive effects.

Agencies are directed to deprioritize enforcement action that exceeds their jurisdictional authority and terminate those that “do not comply with the Constitution, laws or administration policy.”

As newly confirmed leaders of federal agencies settle into their roles, they will further define their agendas and begin to take action to enact Trump’s mandates in the months to come. The Spring Unified Regulatory Agenda, anticipated in June, will provide greater clarity as it outlines both regulatory and deregulatory actions that agencies plan to undertake in the next 12 months. Some agencies are not waiting for a permanent leader to move forward per Trump’s executive orders. For example, while serving as Acting SEC Chairman, Mark Uyeda directed¹ SEC staff to review guidance on digital assets and COVID-19 disclosures to determine whether it should be rescinded or modified.

Several of the president’s deregulatory executive orders require action within 90 days of issuance. Some of those deadlines have recently passed, while others are fast approaching, which means the White House and the agencies may begin to announce some recommendations to rescind or modify regulations.

On the first day of the Trump administration, the president issued an order establishing the Department of Government Efficiency (DOGE) to modernize federal technology and restructure the federal workforce to maximize government efficiency. Through a series of subsequent executive orders, Trump has granted DOGE authority to oversee the federal hiring process, implement reductions in the size of the federal workforce, provide guidance on regulatory agendas and supervise the distribution of government funds. The efforts to reshape the federal government, including the scale of the federal workforce and government spending, have moved swiftly. While some actions and efforts have been challenged in court, the impact is expected to be significant and lasting.

• Federal workforce: DOGE has taken notable steps in executing its mandate to reduce the federal workforce. Tens of thousands of federal employees have accepted offers to leave the government with certain payments while others have had their employment terminate through reductions in force (RIFs). Agencies such as the Consumer Financial Protection Bureau, Department of Energy, and Department of Health and Human Services (HHS) have also collaborated with DOGE to implement workforce reductions.
• Operational efficiency: DOGE efforts are underway across the government to streamline agency operations. Agencies are undergoing restructuring efforts and announcing changes to enhance operational efficiency. For instance, HHS announced plans to layoff 10,000 employees, consolidate 28 divisions into 15 and eliminate five of its 10 regional offices.
• Discretionary spending: DOGE has also assisted in the review of government contracts and grants, and the processes for contract issuance and approval are anticipated to undergo significant changes, altering the way private entities contract work with the federal government.

Now the work begins: writing the bill and agreeing on “pay-fors.” House GOP leaders have backed away from setting a timeline for action. What lies ahead and bears watching closely are decisions about how to achieve the desired level of spending cuts and any number of issues regarding the tax provisions, including what additional proposals to include, how to pay for them, and relief from the $10,000 state and local tax (SALT) deduction cap.

While some of Trump’s proposals — e.g., no tax on tips, overtime, Social Security benefits, and a lower tax rate for domestic manufacturing — are viewed as likely add-ons, some members are wary of adding them to the already-formidable TCJA extension bill. Preserving Medicaid benefits is likely to be a point of tension as well.

Antitrust policy may be the biggest area of continuity between the Biden and Trump administrations — at least with respect to some parts of the tech sector. Trump appointees at both the Department of Justice and FTC have largely pledged to continue high-profile investigations of major technology companies and to “vigorously” sue to block mergers that would “substantially lessen competition.”

Despite his scrutiny of certain US technology companies at home, Trump has taken up the case of perceived targeting of US technology companies by foreign governments, particularly the European Union (EU). In remarks to the World Economic Forum in Davos, Trump criticized the EU for unfairly targeting² the world’s biggest tech firms, calling it a “form of taxation” against American companies.

Likewise, National Security Council (NSC) officials have harsh words for fines against US tech companies, saying they represented a “novel form of economic extortion” that “will not be tolerated by the United States.” “Extraterritorial regulations that specifically target and undermine American companies, stifle innovation, and enable censorship will be recognized as barriers to trade and a direct threat to free civil society,” according to the NSC statement.

The president’s digital assets working group is due to submit a report with legislative and regulatory recommendations by 22 July. However, Congress has not waited for those recommendations and is already taking steps to advance legislation defining how government regulators oversee stablecoins. House and Senate committees have also held a series of congressional hearings to examine policies that were perceived to limit the success of the digital assets sector, including examining claims of debanking (whether federal financial regulators have exerted pressure on financial institutions to cut ties with digital asset firms). Congress is expected to tackle a statutory framework for other categories of digital assets after passage of stablecoin legislation. Upon being sworn in as SEC chairman, Paul Atkins also confirmed his support for the SEC crypto task force and his intention to set a firm regulatory foundation for digital assets.

Energy will continue to be in the Washington spotlight as congressional Republicans attempt to use budget reconciliation to enact a large tax, immigration and energy reform package in the months ahead. Much of that debate will focus on whether to preserve several of the Inflation Reduction Act’s (IRA) clean energy tax credits. While some on Congress’s tax writing committees view the IRA tax credits as a potential “pay-for” to enact other priorities (e.g. “no taxes on tips”), other Republicans have come to appreciate the clean energy investment in their districts driven by the IRA. Expect a vigorous debate between Republicans on which tax credits to keep and which to repeal. Congress and the White House have also prioritized building a modern energy infrastructure to support AI and other technology innovation.

Trump, through these orders and directives, is reshaping the nation’s policy, posture and positioning on several workforce-related issues. As in other areas where Trump has pursued significant or unconventional action, legal challenges have been filed, so clarity may be far off. Companies will need to reconsider requirements under existing law and consider how to adapt to the evolving political and cultural landscape.

• US Sovereign Wealth Fund plan (expected in May)
• Crypto: Treasury recommendation on strategic reserve (expected May)
• Trade: Possible additional sectoral tariffs, trade deals, recommendations for additional deep-sea mining, and 232 investigations on sector-specific goods
• Deregulatory: Government-wide list of anti-competitive regulations for rescission or modification (expected July)
• Digital assets: President’s Working Group plan (expected July)
• AI: Plan to achieve “global AI dominance” (expected July)
• Tax reform legislation: Summer 2025
• Foreign Corrupt Practices Act (FCPA): New guidelines and practices (August)