In Congressional testimony on June 22, 2017, Federal Reserve Governor Jerome H. Powell highlighted the progress that has been made since the financial crisis in improving the resiliency and resolvability of the U.S. banking industry. Having achieved the primary goals of re-regulation, however, Powell believes that the time is ripe "for us to look for ways to reduce unnecessary burden." In his statement, Governor Powell urged the lawmakers on the Senate Committee on Banking, Housing, and Urban Affairs not to roll back Dodd-Frank reforms, but to recalibrate them.

In response to Executive Order 13772, on June 14, 2017 Treasury Secretary Steven Mnuchin published a report identifying recommendations for changes to the regulation of the U.S. financial system in a manner consistent with the Executive Order's "core principles." Some of the “core principles” laid out in the executive order are addressed in bills currently being debated in Congress. The report takes up some of these same issues, but with slightly different approaches than those proposed by legislators. The publication is the first in a series of reports planned by the Treasury Department. This report focuses on the depository system.