Trump Administration Budget Resets Priorities

The Office of Management and Budget ("OMB") released the Trump Administration 2018 Budget Plan (" America First: A Budget Blueprint to Make America Great Again"). The Plan focuses on "reprioritiz[ing] Federal spending so that it advances the safety and security of the American people."

The Budget Plan does not specify how much money would be allocated to independent agencies such as the SEC and the CFTC. With regard to the U.S. Treasury Department, the planned budget prioritizes (i) preserving the operations of the IRS that are intended to prevent fraud, (ii) reducing spending on "paper-based" reviews, (iii) strengthening cybersecurity, and (iv) eliminating funding for community development financial institutions. Overall, there are dramatic cuts in spending which would reduce the Federal workforce.