Executive Actions

December 11, 2025

By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:

Section 1.  Purpose.  Unbeknownst to many Americans, two foreign-owned proxy advisors, Institutional Shareholder Services Inc. and Glass, Lewis & Co., LLC, play a significant role in shaping the policies and priorities of America’s largest companies through the shareholder voting process.  These firms, which control more than 90 percent of the proxy advisor market, advise their clients about how to vote the enormous numbers of shares their clients hold and manage on behalf of millions of Americans in mutual funds and exchange traded funds.  Their clients’ holdings often constitute a significant ownership stake in the United States’ largest publicly traded companies, and their clients often follow the proxy advisors’ advice. 

As a result, these proxy advisors wield enormous influence over corporate governance matters, including shareholder proposals, board composition, and executive compensation, as well as capital markets and the value of Americans’ investments more generally, including 401(k)s, IRAs, and other retirement investment vehicles.  These proxy advisors regularly use their substantial power to advance and prioritize radical politically-motivated agendas — like “diversity, equity, and inclusion” and “environmental, social, and governance” — even though investor returns should be the only priority.  For example, these proxy advisors have supported shareholder proposals requiring American companies to conduct racial equity audits and significantly reduce greenhouse gas emissions, and one continues to provide guidance based on the racial or ethnic diversity of corporate boards.  Their practices also raise significant concerns about conflicts of interest and the quality of their recommendations, among other concerns.  The United States must therefore increase oversight of and take action to restore public confidence in the proxy advisor industry, including by promoting accountability, transparency, and competition.

Sec. 2.  Protecting Investors from Politicized Advice.  (a)  The Chairman of the Securities and Exchange Commission (SEC) shall review all rules, regulations, guidance, bulletins, and memoranda relating to proxy advisors.  Consistent with the Administrative Procedure Act (APA) (5 U.S.C. 551 et seq.), the SEC Chairman shall consider revising or rescinding those rules, regulations, guidance, bulletins, and memoranda that are inconsistent with the purpose of this order, especially to the extent that they implicate “diversity, equity, and inclusion” and “environmental, social, and governance” policies.

(b)  Consistent with the APA, the SEC Chairman shall consider revising or rescinding all rules, regulations, guidance, bulletins, and memoranda relating to shareholder proposals, including Rule 14a-8 (17 CFR 240.14a-8), that are inconsistent with the purpose of this order.

(c)  The SEC Chairman shall:

(i)    enforce the Federal securities laws’ anti‑fraud provisions with respect to material misstatements or omissions contained in proxy advisors’ proxy voting recommendations;

(ii)   assess whether to require proxy advisors whose activities fall within the scope of the Investment Advisers Act of 1940 (15 U.S.C. 80b-1 et seq.) and the rules promulgated thereunder, to register as Registered Investment Advisers;

(iii)  consider requiring proxy advisors to provide increased transparency on their recommendations, methodology, and conflicts of interest, especially regarding “diversity, equity, and inclusion” and “environmental, social, and governance” factors;

(iv)   analyze whether, and under what circumstances, a proxy advisor serves as a vehicle for investment advisers to coordinate and augment their voting decisions with respect to a company’s securities and, through such coordination and augmentation, form a group for purposes of sections 13(d)(3) and 13(g)(3) of the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.); and

(v)    direct SEC staff to examine whether the practice of Registered Investment Advisers engaging proxy advisors to advise on (and following the recommendations of such proxy advisors with respect to) non-pecuniary factors in investing, including, as appropriate, “diversity, equity, and inclusion” and “environmental, social, and governance” factors, is inconsistent with their fiduciary duties.

Sec. 3.  Unfair, Deceptive, or Anticompetitive Practices.  (a)  The Chairman of the Federal Trade Commission (FTC), in consultation with the Attorney General, shall review ongoing State antitrust investigations into proxy advisors and determine if there is a probable link between conduct underlying those investigations and violations of Federal antitrust law.

(b)  The FTC Chairman, under the authorities provided in the Federal Trade Commission Act (15 U.S.C. 41 et seq.) and in consultation with the Attorney General, as appropriate, shall investigate whether proxy advisors engage in unfair methods of competition or unfair or deceptive acts or practices that harm United States consumers by:

(i)    conspiring or colluding, explicitly or implicitly, to diminish the value of consumer investments (including pensions and retirement accounts);

(ii)   failing to adequately disclose conflicts of interest;

(iii)  providing misleading or inaccurate information;

(iv)   undermining the ability of consumers to make informed choices; or

(v)    otherwise engaging in conduct that violates the antitrust laws as defined in 15 U.S.C. 12(a) or section 5 of the Federal Trade Commission Act (15 U.S.C. 45).

Sec. 4.  Protecting Pensions and Retirement Plans.  (a)  The Secretary of Labor shall, consistent with the APA, take steps to revise all regulations and guidance regarding the fiduciary status of individuals who manage, or, like proxy advisors, advise those who manage, the rights appurtenant to shares held by plans covered under the Employee Retirement Income Security Act of 1974 (ERISA) (29 U.S.C. 1001 et seq.), including proxy votes and corporate engagement, consistent with the policy of this order.  The Secretary of Labor shall consider whether these proposed revisions should include amendments to specify that any individual who has a relationship of trust and confidence with their client, including any proxy advisor, and who provides advice for a fee or other compensation, direct or indirect, with respect to the exercise of the rights appurtenant to shares held by ERISA plans, is an investment advice fiduciary under ERISA.

(b)  The Secretary of Labor shall take all appropriate action to strengthen the fiduciary standards of pension and retirement plans covered under ERISA.  Such action shall include assessing whether proxy advisors act solely in the financial interests of plan participants and the extent to which any of their practices undermine the pecuniary value of the assets of ERISA plans.

(c)  The Secretary of Labor shall take all appropriate action to enhance transparency concerning the use of proxy advisors, particularly regarding “diversity, equity, and inclusion” and “environmental, social, and governance” investment practices.

Sec. 5.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:

(i)   the authority granted by law to an executive department or agency, or the head thereof; or

(ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

(b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

(c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

(d)  The costs for publication of this order shall be borne by the Department of Labor.

                             DONALD J. TRUMP

THE WHITE HOUSE,

    December 11, 2025.

December 11, 2025

By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:

Section 1.  Purpose.  United States leadership in Artificial Intelligence (AI) will promote United States national and economic security and dominance across many domains.  Pursuant to Executive Order 14179 of January 23, 2025 (Removing Barriers to American Leadership in Artificial Intelligence), I revoked my predecessor’s attempt to paralyze this industry and directed my Administration to remove barriers to United States AI leadership.  My Administration has already done tremendous work to advance that objective, including by updating existing Federal regulatory frameworks to remove barriers to and encourage adoption of AI applications across sectors.  These efforts have already delivered tremendous benefits to the American people and led to trillions of dollars of investments across the country.  But we remain in the earliest days of this technological revolution and are in a race with adversaries for supremacy within it. 

To win, United States AI companies must be free to innovate without cumbersome regulation.  But excessive State regulation thwarts this imperative.  First, State-by-State regulation by definition creates a patchwork of 50 different regulatory regimes that makes compliance more challenging, particularly for start-ups.  Second, State laws are increasingly responsible for requiring entities to embed ideological bias within models.  For example, a new Colorado law banning “algorithmic discrimination” may even force AI models to produce false results in order to avoid a “differential treatment or impact” on protected groups.  Third, State laws sometimes impermissibly regulate beyond State borders, impinging on interstate commerce.

My Administration must act with the Congress to ensure that there is a minimally burdensome national standard — not 50 discordant State ones.  The resulting framework must forbid State laws that conflict with the policy set forth in this order.  That framework should also ensure that children are protected, censorship is prevented, copyrights are respected, and communities are safeguarded.  A carefully crafted national framework can ensure that the United States wins the AI race, as we must.

Until such a national standard exists, however, it is imperative that my Administration takes action to check the most onerous and excessive laws emerging from the States that threaten to stymie innovation.

Sec. 2.  Policy.  It is the policy of the United States to sustain and enhance the United States’ global AI dominance through a minimally burdensome national policy framework for AI. 

Sec. 3.  AI Litigation Task Force.  Within 30 days of the date of this order, the Attorney General shall establish an AI Litigation Task Force (Task Force) whose sole responsibility shall be to challenge State AI laws inconsistent with the policy set forth in section 2 of this order, including on grounds that such laws unconstitutionally regulate interstate commerce, are preempted by existing Federal regulations, or are otherwise unlawful in the Attorney General’s judgment, including, if appropriate, those laws identified pursuant to section 4 of this order.  The Task Force shall consult from time to time with the Special Advisor for AI and Crypto, the Assistant to the President for Science and Technology, the Assistant to the President for Economic Policy, and the Assistant to the President and Counsel to the President regarding the emergence of specific State AI laws that warrant challenge.

Sec. 4.  Evaluation of State AI Laws.  Within 90 days of the date of this order, the Secretary of Commerce, consistent with the Secretary’s authorities under 47 U.S.C. 902(b), shall, in consultation with the Special Advisor for AI and Crypto, the Assistant to the President for Economic Policy, the Assistant to the President for Science and Technology, and the Assistant to the President and Counsel to the President, publish an evaluation of existing State AI laws that identifies onerous laws that conflict with the policy set forth in section 2 of this order, as well as laws that should be referred to the Task Force established pursuant to section 3 of this order.  That evaluation of State AI laws shall, at a minimum, identify laws that require AI models to alter their truthful outputs, or that may compel AI developers or deployers to disclose or report information in a manner that would violate the First Amendment or any other provision of the Constitution.  The evaluation may additionally identify State laws that promote AI innovation consistent with the policy set forth in section 2 of this order.

Sec. 5.  Restrictions on State Funding.  (a)  Within 90 days of the date of this order, the Secretary of Commerce, through the Assistant Secretary of Commerce for Communications and Information, shall issue a Policy Notice specifying the conditions under which States may be eligible for remaining funding under the Broadband Equity Access and Deployment (BEAD) Program that was saved through my Administration’s “Benefit of the Bargain” reforms, consistent with 47 U.S.C. 1702(e)-(f).  That Policy Notice must provide that States with onerous AI laws identified pursuant to section 4 of this order are ineligible for non-deployment funds, to the maximum extent allowed by Federal law.  The Policy Notice must also describe how a fragmented State regulatory landscape for AI threatens to undermine BEAD-funded deployments, the growth of AI applications reliant on high-speed networks, and BEAD’s mission of delivering universal, high-speed connectivity.

(b)  Executive departments and agencies (agencies) shall assess their discretionary grant programs in consultation with the Special Advisor for AI and Crypto and determine whether agencies may condition such grants on States either not enacting an AI law that conflicts with the policy of this order, including any AI law identified pursuant to section 4 or challenged pursuant to section 3 of this order, or, for those States that have enacted such laws, on those States entering into a binding agreement with the relevant agency not to enforce any such laws during the performance period in which it receives the discretionary funding.

Sec. 6.  Federal Reporting and Disclosure Standard.  Within 90 days of the publication of the identification specified in section 4 of this order, the Chairman of the Federal Communications Commission shall, in consultation with the Special Advisor for AI and Crypto, initiate a proceeding to determine whether to adopt a Federal reporting and disclosure standard for AI models that preempts conflicting State laws. 

Sec. 7.  Preemption of State Laws Mandating Deceptive Conduct in AI Models.  Within 90 days of the date of this order, the Chairman of the Federal Trade Commission shall, in consultation with the Special Advisor for AI and Crypto, issue a policy statement on the application of the Federal Trade Commission Act’s prohibition on unfair and deceptive acts or practices under 15 U.S.C. 45 to AI models.  That policy statement must explain the circumstances under which State laws that require alterations to the truthful outputs of AI models are preempted by the Federal Trade Commission Act’s prohibition on engaging in deceptive acts or practices affecting commerce.

Sec. 8.  Legislation.  (a)  The Special Advisor for AI and Crypto and the Assistant to the President for Science and Technology shall jointly prepare a legislative recommendation establishing a uniform Federal policy framework for AI that preempts State AI laws that conflict with the policy set forth in this order.

(b)  The legislative recommendation called for in subsection (a) of this section shall not propose preempting otherwise lawful State AI laws relating to:

(i)    child safety protections;

(ii)   AI compute and data center infrastructure, other than generally applicable permitting reforms;

(iii)  State government procurement and use of AI; and

(iv)   other topics as shall be determined.

Sec. 9.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:

(i)   the authority granted by law to an executive department or agency, or the head thereof; or

(ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

(b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

(c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person. 

(d)  The costs for publication of this order shall be borne by the Department of Commerce.

                             DONALD J. TRUMP

THE WHITE HOUSE,

    December 11, 2025.

December 11, 2025

The trade deficit has narrowed to its smallest since mid-2020, down more than 35% over last year — and more proof that President Donald J. Trump’s America First trade agenda is working.

Here’s what you need to know:

• U.S. exports are up 6% over last year — rising to their second-highest value on record — while Inflation-adjusted exports of consumer goods are the largest ever.
• The seasonally adjusted trade deficit with China has narrowed to its second-smallest since 2009.
• In the third quarter of 2025, real exports grew by a 4.1% annual rate and imports fell by around 5% — adding about 1% to real GDP growth.
• As President Trump delivers better terms for American workers, farmers, and manufacturers, November’s deficit was cut by more than half compared to the same month last year, fueled by soaring tariff revenues.

President Trump is delivering on his commitment to level the playing field after decades of weak trade policies allowed foreign countries to flood our markets with their goods while shutting their own markets to our producers.

• Since announcing his historic trade agenda in April, President Trump’s use of tariffs has given him unprecedented leverage to secure new and improved trade deals with major U.S. trading partners covering more than half of global GDP — including the United Kingdom, European Union, Japan, China, Republic of Korea, Indonesia, Malaysia, Thailand, Vietnam, Philippines, Cambodia, El Salvador, Ecuador, Argentina, Guatemala, Switzerland, and Liechtenstein.
• As President Trump pursues his bold commitment to an America First trade agenda, scores of companies have announced trillions of dollars in new investment as they onshore workers from foreign countries and create tens of thousands of new American jobs — positioning the U.S. as the dominant player for the jobs of the future.

December 10, 2025

President Donald J. Trump returned to Pennsylvania last night, rallying a packed house in Mount Pocono to celebrate the remarkable turnaround his Administration has engineered in just 11 months — halting Biden’s runaway inflation, driving gas prices down, restoring real wage growth for American workers, and delivering the largest tax cuts in history.

But President Trump was equally clear about the scale of the mess he inherited after four years of Biden-era recklessness plunged the nation into economic catastrophe — and the work ahead to fully repair the damage and usher in the greatest era of prosperity our nation has ever known.

Here are some key moments:

• “Since my inauguration, we’ve created nearly 60,000 new Pennsylvania jobs — including 4,000 Pennsylvania manufacturing jobs… More than 40,000 Pennsylvanians have been lifted off of food stamps… We’ve secured commitments for nearly $100 billion dollars of investments in Pennsylvania.” 
• “Under Biden, real wages plummeted by $3,000 a year. Under Trump, the typical factory worker has already seen their wages increase by more than $1,300, and that’s in just a few months. For construction workers, it’s $1,800 up versus $3,800 down [under Biden]… For miners, their wages went up $3,300.” 
• “We’re right now drilling more oil than we’ve ever done — ever before. [Gas] prices are way down. It was just reported that four states had $1.99 a gallon.” 
• “Rent prices are down. Dairy prices are coming down very strongly. The cost of Thanksgiving turkeys was down by 33% compared to the Biden-era [high].” 
• “We’re also putting thousands of dollars in the pockets of hardworking Pennsylvanians with the largest tax cuts in American History. That’s No Tax on Tips, No Tax on Overtime, No Tax on Social Security for our great seniors.” 
• “Before I entered office, 100% of all new net jobs were going to migrant workers… Since I took office, 100% of all net job creation has gone to American citizens… More Americans are working today than at any time in the history of our country.” 
• “Another key part of our tax cuts is known as Trump Accounts. Under this new program, the federal government will be creating an investment savings account for every single newborn American child with $1,000 to be invested and grow over the course of their life… It’s like a trust fund for every American child.” 
• “Under Obamacare, trillions of dollars were given directly to health insurance companies… I want to give billions of dollars directly to the people… We want you to go out and buy your own health insurance.” 
• “For the first time in 50 years, we now have reverse migration, which means more jobs, better wages, and higher income for American citizens — not for illegal aliens.” 
• “If you don’t share our values, contribute to our economy, and assimilate into our society, then we don’t want you in our country.” 
• “Together, we’re repairing four years of disaster by the Radical Left Democrats in Congress and by [Biden]… After just ten months, our border is secure, our spirit is restored, inflation is stopped, wages are up, prices are down… America is back!” 

December 9, 2025

Since taking office, President Donald J. Trump has made substantial progress reversing the inflation and cost-of-living disaster he inherited from the recklessness of the Biden Administration. Inflation has been cut by more than half, gas prices have fallen sharply, real wages are growing again, and key household expenses are finally heading in the right direction.

But President Trump is also clear: there is still important work ahead to ensure every American feels the full benefit of lower costs. While Democrats attempt to con Americans into believing they’re the champions of affordability, the reality is that Democrats created the problem — and President Trump is stopping at nothing to fix it.

President Trump tamed Biden’s inflation crisis — and is working to bring it down further.

• Under Biden, inflation averaged nearly 5% and hit 9.1% amid the worst inflation crisis in decades — fueled by the Radical Left’s obsession with spending.
• In President Trump’s second term, inflation has dropped to an average of just 2.7% — the critical first step in reversing Democrats’ cost-of-living disaster. In fact, under President Trump, Americans have even seen the first overall price decline since 2020.

Under President Trump, Americans have made real wage gains — and work continues on reversing the damage they suffered under Biden.

• Under Biden, Americans workers lost over $2,900 in purchasing power because inflation rose faster than wages.
• In President Trump’s second term — even after accounting for higher prices — Americans’ real wages have grown by nearly 4% — or nearly $700 — and are on track to grow by nearly $1,200 after his first full year in office.

Americans are spending less on gas than they have in years — and this is only the beginning.

• Under Biden, gas prices were the highest they had ever been — even after he drained our strategic reserves to artificially decrease prices.
• In President Trump’s second term, gas prices have fallen to the lowest average price in 1,682 days and Americans on track to spend the lowest amount of their disposable income on gas in the last two decades. In fact, average gas prices have dipped below $3 per gallon in 36 states, below $2.75 per gallon in 20 states, and below $2.50 per gallon in five states — with prices below $2 per gallon at some stations in at least four states.

Housing affordability is finally trending in the right direction.

• Under Biden, mortgage rates hit their highest in decades as rents surged.
• At the beginning of December, the average 30-year fixed mortgage rate was 6.19% — 12% lower than when President Trump took office in January. According to the Consumer Price Index, shelter inflation is at a four-year low, and the national median rent has fallen for four straight months.

Prices for everyday staples are starting to see price declines — and there’s much more to come.

• Under President Trump, prices for eggs, butter, ice cream, fresh fruit, cereal, fish, seafood, rice, pasta, and ham have all seen declines.

The Trump Administration’s whole-of-government effort will continue driving prices down, boosting take-home pay, and strengthening the economy so all Americans can feel relief.

• President Trump signed into law the largest tax cuts in American history. This includes No Tax on Tips, No Tax on Overtime, and No Tax on Social Security — all of which will save Americans money in their tax returns. This landmark legislation will raise Americans’ take-home pay by as much as $13,300 and wages by as much as $11,600. In fact, thanks to the landmark law, millions of Americans will see higher tax refunds — with the average refund estimated to increase by about $1,000 per filer.
• President Trump’s deregulatory efforts are saving Americans a collective $180 billion — or $2,100 per family of four. For example, President Trump halted burdensome Biden-era efficiency standards that jacked up the price of everyday appliances.
• American consumers are thriving. Consumer sentiment is back on the rise and small business optimism is spiking amid recordholiday shoppers and sales.
• President Trump is bringing jobs and investment back to the U.S. Since President Trump took office, companies have investedtrillions of dollars into their U.S.-based operations — onshoring and creating hundreds of thousands of new jobs for Americans.
• 1.9 million more American-born workers are employed today than when President Trump took office. Right now, the U.S. has more people working now than at any time in the history of our country.
• President Trump is reducing the deficit. A combination of spending cuts, interest savings, economic growth, and tariff revenues are expected to reduce the deficit by trillions of dollars — resulting in higher take-home pay, lower interest rates, and a stronger economy.

The Trump Administration will not rest until the high prices that resulted from Democrat policies are fully reined in. We’re making progress — and the best is yet to come.

December 8, 2025

The nationwide average for regular gas is at its lowest level in 1,681 days — and trending lower. According to GasBuddy, average gas prices have dipped below $3 per gallon in 37 states, below $2.75 per gallon in 22 states, and below $2.50 per gallon in five states.

In fact, Americans can even find gas below $2 per gallon at some stations in at least four states — with prices as low as $1.69 per gallon in Colorado.

Under Biden, gas prices were the highest they had ever been, even after he drained our strategic reserves to artificially decrease prices. So far in President Trump’s second term, Americans on track to spend the lowest amount of their disposable income on gas in the last two decades amid the Trump Administration’s pursuit of American energy dominance.

It’s part of an emerging trend of strong economic news, backed up by data. In just the past week, Americans saw the national median rent fall for the fourth straight month, weekly jobless claims plummetto a three-year low, mortgage rates near their lowest level in a year, and consumer sentiment spike.

That’s all good news for American consumers — and much more progress is on the way. After four years of Biden’s reckless spending, open borders, and anti-energy policies that drove inflation through the roof and crushed working families, the momentum is now unmistakably in the right direction — and the Trump Administration will stop at nothing to make sure all Americans feel relief.