The Trump administration late Friday called on all executive departments and agencies to freeze regulations to allow agency heads selected by the president to review pending rules.

While it was not immediately clear how the regulatory freeze would affect pending banking policy, President Trump's memorandum – issued just hours after he had been sworn in – appeared sweeping.

"Subject to any exceptions the Director or Acting Director of the Office of Management and Budget … allows for emergency situations or other urgent circumstances relating to health, safety, financial, or national security matters, or otherwise, send no regulation to the Office of the Federal Register … until a department or agency head appointed or designated by the President after noon on January 20, 2017, reviews and approves the regulation," said the memo, which was addressed from White House Chief of Staff Reince Priebus.

For regulations submitted to the Federal Register, the memo called on agencies to "immediately withdraw" them from publication. If a regulation has already been published but not taken effect yet, the memo told agencies to "temporarily postpone their effective date for 60 days from the date of this memorandum … for the purpose of reviewing questions of fact, law, and policy they raise."

The memo suggested that agencies propose for notice and comment a rule to delay the effective date beyond 60 days.

Following a delay of the effective date, "for those regulations that raise no substantial questions of law or policy, no further action needs to be taken," the memo said, but agencies should consult with OMB about regulations that pose substantial legal or policy questions.

The memo carried through on a campaign pledge by Trump to "issue a temporary moratorium on new agency regulations." He cited the cost of overregulation as a factor.

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