The first 120 days of the Trump administration have been characterized by dramatic changes in the realm of white-collar enforcement. However, in the midst of a period wrought with uncertainty over what the administration may do next, savvy companies can leverage emerging priorities in a strategic manner.
While each change of administration, particularly those along party lines, inevitably results in policy alterations, the initial changes instituted by the Trump administration have ventured beyond the norm.
Perhaps the most significant early update in the realm of white-collar enforcement was the manner in which more traditional areas of corporate concern were seemingly deprioritized. Executive orders, memoranda from key leadership posts, and other directives curtailed select corporate enforcement efforts at the Department of Justice (DOJ), the Securities and Exchange Commission (SEC), and other federal agencies.
For example, a February 10, 2025 Executive Order (EO) paused enforcement of the Foreign Corrupt Practices Act (FCPA) for the first time since the statute was passed in 1977. The EO explained that the administration’s priority is to “eliminat[e] excessive barriers to American commerce abroad.” During a 180-day period (which may be extended), Attorney General (AG) Pam Bondi is directed to “review guidelines and policies governing investigations and enforcement actions under the FCPA.” More specifically,...
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