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MemoMemorandumTrump 45 · R Quiet signal

Presidential Memorandum

Delegation of Functions Under 31 U.S.C. 5302

Economy & LaborEconomy & LaborFederal WorkforceFederal Workforce

In simple terms

This memorandum delegates presidential authority under 31 U.S.C. 5302 to the Secretary of the Treasury, allowing use of up to $50 billion from the Exchange Stabilization Fund. The delegation is non-redelegable and was issued during the early COVID-19 pandemic period.

Federal Register Open PDF 85 FR 16995

Record & deadlines

  1. Signed

    Signed by the President

  2. FR published

    Published in the Federal Register · 85 FR 16995

    Federal Register PDF

  3. Implementation of delegation for ESF use

Key directives

  • Delegate functions and authorities under 31 U.S.C. 5302 to Secretary of the Treasury
  • Limit use of Exchange Stabilization Fund to aggregate amount of up to $50 billion
  • Prohibit redelegation of delegated functions and authorities
  • Direct publication in Federal Register

Who is ordered

What to expect

Immediate

  • Delegation of authority takes effect upon signing
  • Secretary of Treasury authorized to use Exchange Stabilization Fund up to $50 billion

Near term (90d)

  • Potential deployment of ESF resources for market stabilization

Long term

  • Precedent for presidential delegation of emergency financial authorities

Risks & tensions

  • Non-redelegation clause centralizes control but may limit operational flexibility
  • Sizeable $50 billion authorization indicates significant economic stress response, likely COVID-19 related, though pandemic is not explicitly mentioned
  • Subject to availability of appropriations creates potential execution uncertainty
Presidential Memorandum: Delegation of Functions Under 31 U.S.C. 5302 · Executive Orders