Apr 11, 08:01 PM

FTC Moves to Reverse Chevron, Exxon Board Restrictions as Mark Meador Joins FTC, Cementing 3-0 Republican Majority

The Federal Trade Commission (FTC) has initiated steps to reverse board restrictions on Chevron and ExxonMobil, allowing executives from these companies to join their boards. This move follows the confirmation of Mark Meador to the FTC, which now has a 3-0 Republican majority after the recent firing of two Democratic commissioners. Chevron and Hess jointly requested that the FTC set aside its consent order, which previously prohibited Chevron from appointing Hess CEO John B. Hess to its board. Concurrently, a federal appeals court has allowed the Trump administration to continue layoffs at the Consumer Financial Protection Bureau (CFPB) while blocking the complete dismantling of the agency. The court's ruling permits the administration to fire staff but maintains the agency's overall structure. The CFPB has also dismissed a case against Comerica Bank, reflecting ongoing changes within the agency as it navigates legal challenges and administrative shifts.