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Healthcare Securities Class Actions, SEC Enforcement & Emerging Capital Markets Risks
September 2, 2026
On January 20, 2021, President Joseph Biden issued Executive Order No. 13990 (“Executive Order”), which, among other things, suspended Executive Order 13920, “Securing the United States Bulk-Power System” (“Executive Order 13920”) until April 20, 2021 and directed all executive departments and agencies to review and take action to address all actions taken during former-President Donald Trump’s tenure in office that conflict with President Biden’s stated goals of improving public health, environmental protection, reducing greenhouse gas emissions, bolstering resilience to the impacts of climate change, and confronting the climate crisis.
In the Executive Order, President Biden suspended Executive Order No. 13920 for 90 days, until April 20, 2021. During such time, the Secretary of Energy and the Director of the Office of Management and Budget (“OMB”) are required to jointly consider whether to recommend a replacement order. Executive Order 13920 was initially issued on May 1, 2020 by former-President Trump, and prohibited federal agencies and U.S. persons from acquiring, importing, transferring, or installing bulk-power system electric equipment that poses an “undue” or “unacceptable” risk to the United States and over which a “foreign adversary” or a national thereof has an interest (see May 5, 2020 edition of the WER).
In the Executive Order, President Biden stated that it would be the policy of his administration to, among other things, improve public health, protect the environment, reduce greenhouse gas emissions, bolster resilience to the impacts of climate change, and confront the climate crisis. In order to bring that about, President Biden required the heads of all agencies to review any existing regulations, orders, guidance documents, policies, or other similar actions promulgated, issued, or adopted during former-President Trump’s time in office that are inconsistent with the environmental goals set forth in the Executive Order, and to suspend, revise, or rescind such actions if so. Heads of agencies are required to submit to the Director of the OMB a preliminary list of any proposed actions that would be subject to OMB review by (i) February 19, 2021, if such actions would be completed by December 31, 2021 or (ii) April 20, 2021, if such actions would be completed by 2025. In addition, the heads of federal agencies are also required to provide both the above information and any proposed actions that would not be subject to OMB review to the National Climate Advisor.
Further, the Executive Order included specific agency actions for which there are distinct timelines by which the heads of the appropriate agencies are to propose suspensions, revisions, or rescissions, as follows:
President Biden also ordered:
A copy of the Executive Order is available here.
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Speaking Engagements
Healthcare Securities Class Actions, SEC Enforcement & Emerging Capital Markets Risks
September 2, 2026
Speaking Engagements
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