Budget & Spending
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January 20, 2025 (W.H. Link) - The executive order mandates a 90-day pause on new obligations and disbursements of U.S. foreign development assistance funds to allow for a comprehensive review of these programs. The reviews, conducted by relevant department and agency heads under State Department guidelines and with oversight by the Office of Management and Budget (OMB), aim to assess program efficiency and alignment with U.S. foreign policy. Based on review findings, officials will determine whether to continue, modify, or terminate each program. Foreign assistance can resume during the 90-day period if reviewed and approved by the Secretary of State and OMB. The Secretary of State also retains authority to waive the pause for specific programs. The order underscores the requirement for U.S. foreign aid to fully align with presidential foreign policy priorities.
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January 20, 2025 (W.H. Link) - The order asserts that the previous administration implemented unpopular and harmful practices, including embedding "diversity, equity, and inclusion" (DEI) into Federal institutions, which it claims undermines merit and equality. It criticizes open border policies for straining resources and climate policies for driving inflation and overregulation. Relevant executive orders revoked include:
Executive Order 14018 of February 24, 2021 (Revocation of Certain Presidential Actions).
Executive Order 14029 of May 14, 2021 (Revocation of Certain Presidential Actions and Technical Amendment).
Executive Order 14138 of January 3, 2025 (Providing an Order of Succession Within the Office of Management and Budget).
The order mandates the immediate termination of Federal implementation of "unlawful and radical DEI ideology" by agency heads (SEE RELATED EXECUTIVE ORDER). It further directs the Directors of the Domestic Policy Council (DPC) and National Economic Council (NEC) to review actions taken under previous administration directives, recommending within 45 days which should be rescinded, replaced, or amended to "enhance American prosperity." Additionally, the National Security Advisor (NSA) must review all National Security Memoranda (NSMs) issued between January 20, 2021, and January 20, 2025, to identify any harm to national security, domestic resilience, or American values, and provide recommendations for rescission within the same timeframe.
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February 3, 2025 (W.H. Link) - This executive order directs the establishment of a sovereign wealth fund to enhance the long-term financial stability and international economic leadership of the United States. The fund aims to promote fiscal sustainability, reduce tax burdens on American citizens and businesses, ensure economic security for future generations, and strengthen U.S. strategic interests. The order assigns the Secretary of the Treasury and the Secretary of Commerce, in coordination with the Assistant to the President for Economic Policy, to develop a comprehensive plan for the fund. This plan, to be submitted within 90 days, must outline funding mechanisms, investment strategies, governance structure, and legal considerations, including any potential legislative requirements.
The order also clarifies that it does not override existing legal authorities or budgetary responsibilities of federal agencies. It emphasizes compliance with applicable laws and funding constraints while explicitly stating that it does not create any enforceable legal rights for individuals or entities.
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February 21, 2025 (W.H. Link) - This memorandum establishes a two-pronged approach to foreign investment in the United States. On one hand, it emphasizes America’s openness to capital from allies and partners, creating an expedited “fast-track” for these friendly sources to invest in critical U.S. technologies and infrastructure. The policy aims to reinforce America’s position as the world’s leading investment destination while protecting U.S. national and economic security. On the other hand, it imposes tighter restrictions on investments originating from foreign adversaries—especially the People’s Republic of China—citing concerns about technology theft, strategic asset control, and the funding of adversarial military capabilities.
To achieve these goals, the memorandum directs federal agencies to strengthen oversight tools such as the Committee on Foreign Investment in the United States (CFIUS), consider expanding restrictions on U.S. outbound investment in sensitive sectors, and evaluate tax treaties and auditing standards that might enable foreign adversary influence. It also calls for terminating certain open-ended mitigation agreements in favor of more concrete, time-bound requirements, focusing administrative resources instead on facilitating allied investments. Overall, the memorandum seeks to preserve America’s open-investment climate for trusted partners while ensuring that adversarial actors cannot exploit U.S. capital, technology, or infrastructure.
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March 7, 2025 (W.H. Link) - The order directs reforms to the Public Service Loan Forgiveness (PSLF) Program, aiming to prevent federal student loan forgiveness from benefiting organizations engaged in activities deemed contrary to national security and public interest. It criticizes past expansions of PSLF for allegedly misallocating taxpayer funds and incentivizing unsustainable student debt. The Secretary of Education, in coordination with the Treasury, must propose rule changes to exclude organizations involved in illegal activities from PSLF eligibility, including violations of immigration laws, support for terrorism, child abuse, illegal discrimination, and state law violations. The order asserts the President’s duty to protect national security and prohibits PSLF for employees of organizations with a substantial illegal purpose. Implementation must comply with existing law and budgetary constraints, and the order does not create legally enforceable rights.