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MemoMemorandumTrump 45 · R Quiet signal

Presidential Memorandum

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

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

Impact dates

  1. 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

Timeline

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