Memorandum on Regulatory Coordination

Memorandum for the Secretary of the Treasury, the Chairman of the Board of Governors of the Federal Reserve System, the Chairman of the Securities and Exchange Commission, the Chairman of the Federal Deposit Insurance Corporation, the Chairman of the Commodity Futures Trading Commission

Subject: Regulatory Coordination

As you know, the Congress has failed to enact important growth-oriented legislation that we have proposed. Although we will continue to work with the Congress to enact these proposals, we must also redouble our efforts to create jobs and achieve economic growth within existing statutory constraints.

For such efforts to succeed, we must prevent the fragmentation of policy-making and better coordinate existing programs within the executive branch. I recognize that you have already made considerable efforts to coordinate your activities, and ask only that you intensify these efforts over the next three months to ensure that we have done all that we can to eliminate unnecessary regulatory burdens.

I look forward to your reports on this important undertaking. Although the Congress has created the regulatory schemes within which we must operate, I am confident that, with your help, the executive branch can do much to create conditions conducive to a healthy and robust economy.

George Bush