President Trump issued an executive order that expands White House control over independent federal agencies, including the Federal Reserve and Securities and Exchange Commission. The order requires these agencies to submit "significant" regulations for review by the Office of Management and Budget before implementation. OMB Director Russ Vought gains authority over the budgets of independent agencies through this directive. The measure represents a substantial shift in the traditional autonomy these agencies have maintained from executive branch oversight. Independent agencies have historically operated with statutory independence to insulate them from political pressure. The order's scope extends to financial regulators traditionally shielded from direct presidential control. Legal scholars and agency officials have raised questions about whether the order conflicts with the statutory authority that created these agencies as independent entities. The directive takes effect immediately and applies to pending and future regulatory actions deemed significant by OMB standards.