In case you are wondering if Trump will keep his promises…
In the first hour as president he did the following:
He rolled back an 11th-hour Obama administration rule that lowered home borrowers’ mortgage insurance costs.
The Federal Housing Authority uses that money to underwrite banks when low-income – and therefore high-risk – borrowers default on their loans.
Republicans argue that unless the FHA has significant cash reserves, all taxpayers including those with no stake in the housing market would be forced to pay for bailouts.
This happened in 2013, when the FHA required a $1.7 billion taxpayer cash infusion to keep going.
Back at the White House before a string of three inaugural balls, the new president inked formal commissions for a pair of retired Marine Corps general whom the U.S. Senate confirmed in their new cabinet roles.
Vice President Mike Pence swore them both in immediately.
Retired Gen. James Mattis is now the U.S. secretary of Defense. Retired Gen. John Kelly is secretary of Homeland Security.
Just as consequential were a pair of orders marking the Trump administration’s first firepower volley against Obamacare and signaling a massive, government-wide regulatory freeze.
The Obamacare executive order directs government departments and administrators to limit the cost of complying with the Affordable Care Act in every way possible while preparing for a Republican-dominated Congress to repeal and replace the law.
The regulatory memo, in the form of a memorandum from White House Chief of Staff Reince Priebus, orders federal agencies to cancel new regulations that haven’t yet been officially published and to delay for 60 days all those that are in place but haven’t yet taken effect.
It also orders bureaucrats to stop submitting most new regulations without first seeking White House approval.
Trump pledged during his campaign that he would pare back the American regulatory state in order to liberate the financial, energy and manufacturing sectors.
He also vowed to eliminate two federal regulations for every new one that takes effect.