Recent Senate Confirmations Hold Promise for More Public Company Deregulation
Public companies operating under extreme uncertainty on the regulatory policy front now have some additional clues as to what lies ahead. As discussed in this Ticker report, directors and senior executives abhor regulatory uncertainty and many see Trump administration policies as important to their strategic planning, although their views diverge on particular issues.
Since January 2017, the Senate has confirmed 132 civilian nominees, but most of these (76) were confirmed between August 1 and August 3, shortly before summer recess. The flood of recent confirmations will fill posts in various government agencies that had been left vacant during partisan wrangling over health care reform. The full list of the nominees contains names of individuals known to have deregulatory views.
For example, Chris Campbell, confirmed as Assistant Secretary of the Department of Treasury, will likely advance tax reform and Wall Street deregulation, according to this Politico article published shortly before he was confirmed.
Similarly, Marvin Kaplan, considered to be staunchly pro-business, was confirmed as a member of the National Labor Relations Board. A press release from the office of Sen. Patty Murray (D-WA) accuses Kaplan of being part of an administration that “puts corporations first.”