Mapping Administration Acts

Russell Vought, who served during the first Trump Administration as Director of the Office of Management and Budget, is back in that role.

OMB oversees the performance of federal agencies and administers the federal budget. OMB is coordinating the implementation of the President's procedural changes through executive orders across the Executive Branch.

Director Vought has been the engine in the Trump Administration's focus on deregulation, agency efficiency, regulatory fairness, and industry modernization through key executive orders.

The Federal Reserve Board is seeking to strike a balance between monetary policy independence and its responsibilities for bank regulation and supervision.

Rather than be fired, Michael Barr stepped aside voluntarily as Vice Chair for Supervision (Jan. 6, 2025).

Michelle Bowman, who is more in line with the Administration, was confirmed as new Vice Chair for Supervision (June 4, 2025).

Adriana D. Kugler resigned early as a governor, opening a vacancy for President Trump to make a new appointment to the Federal Reserve Board (Aug. 1, 2025).

President Trump announced the temporary appointment of Stephen Miran, chair of the Council of Economic Advisors, to replace Kugler, while he continues to search for a permanent replacement (Aug. 7, 2025).

Jonathan Gould, who served as chief legal officer of the OCC during the first Trump Administration, was confirmed as Comptroller of the Currency.

As chief legal officer, Gould authored key interpretive letters about permissible digital asset activities for OCC-supervised institutions.

During his confirmation process, Comptroller Gould signaled that he will align the OCC with the Administration's priorities, including reducing regulatory burdens, promoting financial inclusion, embracing novel activities and bank mergers, and expanding responsible bank activities involving digital assets.

Under the leadership of Acting Comptroller Rodney Hood, the OCC engaged in a reorganization: Midsize and Community Bank Supervision and Large Bank Supervision functions have been combined to create Bank Supervision and Examination line of business, and the Office of Chief National Bank Examiner was reinstated to include divisions of Bank Supervision Policy and Supervision Risk and Analysis.

Travis Hill, formerly Vice Chairman, currently serves as Acting Chairman of the FDIC. President Trump has not yet nominated a permanent Chairman.

Acting Chairman Hill has announced an approach to bank supervision that closely aligns with the Administration, including adopting a more open-minded approach to innovation and technology adoption, encouraging more de novo activity, and ensuring the FDIC remains within its statutory mandates (Jan. 20, 2025).

FDIC has proposed to replace the existing Supervision Appeals Review Committee with an independent, standalone Office of Supervisory Appeals (July 15, 2025).

President Trump fired Todd Harper and Tanya Otsuka as members of NCUA Board prior to the expiration of their terms, leaving Chairman Kyle Hauptman as sole member of Board. Chairman Hauptman has stated that the NCUA Board can continue to operate with a single member.

Although a federal district court reinstated NCUA Board members Harper and Otsuka, the U.S. Court of Appeals for the District of Columbia Circuit stayed the ruling while the decision is appealed (July 25, 2025).

OMB Director Russell Vought currently serves as CFPB Acting Director. President Trump had nominated Jonathan McKernan for Director, but the nomination was pulled as Secretary Bessent tapped McKernan to serve as Under Secretary of the Treasury for Domestic Finance. President Trump has not yet nominated a permanent Director.

In a memorandum to CFPB staff, CFPB Chief Legal Officer Mark Paoletta (who is also General Counsel for OMB) announced that the CFPB will rescind existing enforcement and supervision priority documents; shift supervisory efforts back to depository institutions; align agency priorities with the Administration, including reducing regulatory burdens, eliminating supervision outside of the CFPB's authority, and ceasing supervision under novel legal theories; and pursue only matters with proven actual intentional racial discrimination and actual identified victims (Apr. 17, 2025).

Despite leadership changes at other agencies, Andrea Gacki has remained FinCEN Director since her appointment during the Biden Administration.

Director Gacki had previously served as Director of the Office of Financial Assets Control during the first Trump Administration.

Paul Atkins, who served as a SEC Commissioner during the George W. Bush Administration, was confirmed as Chairman.

Chairman Atkins has been a strong advocate for the digital assets industry, expressing reservations about the "regulation by enforcement" approach of the Biden Administration.

CFTC Commissioner Caroline Pham currently serves as Acting Chairperson, while Brian Quintenz, President Trump's nomination for CFTC Chairman, awaits confirmation.

CFTC announced a reorganization of previous task forces into two new Division of Enforcement task forces—the Complex Fraud Task Force and the Retail Fraud and General Enforcement Task Force—to refocus on fraud and helping victims and end the practice of regulation by enforcement (Feb. 4, 2025).

Acting Chairperson Pham praised a recently announced Justice Department policy ending the practice of regulation by prosecution that has targeted the digital asset industry in recent years, and directed CFTC staff to comply with the President's executive orders and Administration policy, consistent with DOJ's digital assets enforcement priorities and charging considerations (Apr. 8, 2025).