Section 3: Simplifying the Supervision Process

(a) Within 90 days from the effective date of this executive order, the heads of each federal financial regulatory agency must comprehensively review the current regulatory regulations, regulatory guidelines, regulatory enforcement guidelines and business application procedures, sort out the rules and provisions that can be optimized and revised, help financial technology companies carry out financial business innovation and participate in market competition, and focus on supporting small and medium-sized emerging financial technology entities.

This review needs to checkTwo types of regulatory obstacles: The first is regulatory provisions, guidance documents, administrative rulings, no-objection letters, etc. that hinder financial technology companies from cooperating with licensed federal financial institutions such as participating depository institutions, credit unions, securities broker-dealers, investment advisors, futures brokers, etc.; The approval process will be streamlined for joint-stock insurance and other financial technology companies with federal operating qualifications.

Process optimization must take into account multiple principles: taking into account the needs of innovative development, strictly adhering to the bottom line of financial safety and stability, implementing the protection of the rights and interests of financial consumers and investors, maintaining market order, ensuring financial stability, and improving the normalized supervision mechanism.

(b) Within 180 days from the effective date of this executive order, the heads of each federal financial regulatory agency shall combine the results of paragraph 1 of this section and coordinate with the Assistant to the President for Economic Policy of the United States to introduce supporting measures to support the implementation of financial innovation.

Section 4: Access to Federal Reserve Services

(a) Require the U.S. Federal Reserve to simultaneously implement all reform measures in Article 3 of this Executive Order.

(b) The Federal Reserve is required to comprehensively review and sort out the relevant laws, regulatory rules and policy systems, and clarify the access rules for non-participating depository institutions, non-bank financial institutions (including market entities deploying digital assets and various new financial businesses, collectively referred to as applicable entities), and institutions directly participating in the real-time payment network to apply for opening a Federal Reserve Reserve Bank payment account and using the Federal Reserve's payment services. Within 120 days from the effective date of this executive order, the Federal Reserve must submit a special assessment report to the President through the Assistant to the President for Economic Policy, setting out the research conclusions, access plans and policy recommendations. The assessment content includes:

1. (i) In accordance with the Federal Reserve Act and other existing federal laws, the Federal Reserve has the statutory authority to directly open Reserve Bank payment accounts and payment services to applicable entities in accordance with the law;

2. (ii) Within the scope permitted by law, relying on compliance and risk control mechanisms, feasible implementation plans to broaden service access channels;

3. (iii) Legal barriers and in-depth analysis of barriers that hinder direct access of market entities, as well as legislative and regulatory optimization paths that can liberalize access, prevent payment system risks, maintain financial stability and U.S. economic security;

4. (iv) Whether the twelve regional Federal Reserve Banks in the United States have the legal authority to independently review and approve and decide whether to open payment accounts and payment service access; if the regional Federal Reserve Banks have independent decision-making power, what unified supervisory policies have been formulated or planned to be issued by the Federal Reserve Head Office to ensure that all applicable entities apply unified evaluation standards regardless of which regional Federal Reserve Bank they submit their applications to.

(c) If the Federal Reserve determines through the assessment in paragraph 2 of this section that current laws allow applicable entities to directly access the Federal Reserve Reserve Bank payment accounts and payment services, it must develop an open and transparent access application process and complete the approval decision within 90 days from receipt of complete application materials.

Section 5: General Terms

(a) No provision of this Executive Order shall be construed as:

1. (i) Reduce the statutory powers enjoyed by federal executive departments, agencies and their heads in accordance with the law;

2. (ii) Interfering with the statutory functions of the Director of the Office of Management and Budget in fiscal budget, administrative affairs, and legislative proposals.

(b) This executive order must be implemented in strict accordance with currently effective laws, and implementation funds are limited to financial funds appropriated by Congress.

(c) This executive order does not create any substantive or procedural rights that can be asserted against the U.S. federal government, federal agencies, public officials and related entities through common law and equity, nor does it confer relevant legal rights on any entity.

(d) The cost of publication of the official publication of this Executive Order will be fully borne by the U.S. Department of the Treasury.

Donald J. Trump

The White House

May 19, 2026