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On Friday, December 19, 2025, the President signed into law:

H.R. 165, the “Wounded Knee Massacre Memorial and Sacred Site Act,” which directs the Secretary of the Interior to take actions necessary to place certain land in South Dakota into restricted fee status for the Oglala and Cheyenne River Sioux Tribes.

LOWERING DRUG PRICES FOR AMERICAN PATIENTS: Today, President Donald J. Trump announced nine new agreements with major pharmaceutical companies to lower prescription drug prices for Americans in line with the lowest prices paid by other developed nations (known as the most-favored-nation, or MFN, price).

• The nine manufacturers include Amgen, Bristol Myers Squibb, Boehringer Ingelheim, Genentech, Gilead Sciences, GSK, Merck, Novartis, and Sanofi.
• The agreements reduce prices on drugs that treat numerous costly and chronic conditions, including type two diabetes, rheumatoid arthritis, multiple sclerosis, asthma, chronic obstructive pulmonary disease (COPD), hepatitis B and C, human immunodeficiency virus (HIV), and certain cancers, among others.
• The agreements will provide every State Medicaid program in the country access to MFN drug prices on products made by the nine companies, resulting in billions of dollars in savings and continuing President Trump’s historic efforts to strengthen the program for the most vulnerable.
• The agreements ensure foreign nations can no longer use price controls to free ride on American innovation by guaranteeing MFN prices on all new innovative medicines the nine companies bring to market.
• The agreements require the nine companies to repatriate increased foreign revenue on existing products that they realize as a result of the President’s strong America First U.S. trade policies for the benefit of American patients.
• The agreements require the nine companies to offer medicines at a deep discount off the list price when selling directly to American patients through TrumpRx.

DELIVERING LOWER COSTS: Patients will be able to see massive price reductions on numerous products when purchasing directly through TrumpRx as a result of today’s actions. Select examples include:

• Amgen will reduce the price of its cholesterol-lowering drug Repatha from $573 to $239 for patients purchasing directly through TrumpRx.
• Bristol Myers Squibb will reduce the price of its HIV medication, Reyataz, from $1,449 to $217 for patients purchasing directly through TrumpRx.
• Boehringer Ingelheim will reduce the price of its type two diabetes medication, Jentadeuto, from $525 to $55 for patients purchasing directly through TrumpRx.
• Genentech will reduce the price of its flu medication, Xofluza, from $168 to $50 for patients purchasing directly through TrumpRx.
• Gilead Sciences will reduce the price of its Hepatitis C medication, Epclusa, from $24,920 to $2,425 for patients purchasing directly through TrumpRx.
• GSK will reduce the prices of its inhaler portfolio. Prices for the popular asthma inhaler Advair Diskus 500/50 will fall from $265 to $89 for patients purchasing directly through TrumpRx.
• Merck will reduce the price of its diabetes medication, Januvia, from $330 to $100 for patients purchasing directly through TrumpRx.
• Novartis will reduce the price of its Multiple Sclerosis medication, Mayzent, from $9,987 to $1,137 for patients purchasing directly through TrumpRx.
• Sanofi will reduce the price of its prescription blood thinner, Plavix, from $756 to $16 for patients purchasing directly through TrumpRx and Sanofi will list its insulin products at TrumpRx at $35 per month’s supply.

BOLSTERING NATIONAL HEALTH SECURITY BY INVESTING IN AMERICA: The pharmaceutical manufacturers involved in today’s announcement are committing to invest at least $150  billion collectively in U.S. manufacturing in the near term. Additionally, as part of the agreements, several companies are donating active pharmaceutical ingredients for key products to the Strategic Active Pharmaceutical Ingredients Reserve (SAPIR) to reduce reliance on foreign nations and ensure the United States has an adequate supply of such products in the event of an emergency.

• GSK will contribute 98.8kg of albuterol, the active ingredient in a common rescue inhaler for people with asthma.
• Bristol Myers Squibb will contribute tablets representing 6.5 tons of apixaban, the active ingredient in the drug Eliquis, a blood thinner taken by millions of American patients.
• Merck will contribute 3.5 tons of ertapenem, an antibacterial medication used to treat complex infections.

DELIVERING ON PROMISES TO PUT AMERICAN PATIENTS FIRST: President Trump is delivering on promises to ensure American patients no longer pay high prices to subsidize low prices in the rest of the world, something the political establishment did not believe was possible.

• On May 12, 2025, President Trump signed an Executive Order titled: “Delivering Most-Favored-Nation Prescription Drug Pricing to American Patients” directing the Administration to take numerous actions to bring American drug prices in line with those paid by similar nations.
• On July 31, 2025, President Trump sent letters to leading pharmaceutical manufacturers outlining the steps they must take to bring down the prices of prescription drugs in the United States to match the lowest price offered in other developed nations.
• Since September 30, 2025, President Trump has announced 14 deals with major pharmaceutical manufacturers to bring prices in line with those paid in other developed nations, which will provide substantial price relief on numerous products taken by millions of Americans.
• On December 1, 2025, the Office of the United States Trade Representative, the Department of Commerce, and the Department of Health and Human Services announced an agreement with the United Kingdom (U.K.) that will increase the net price of new prescription drugs by 25% in the U.K., helping ensure they pay their fair share for innovative medicines.

On Friday, December 12, 2025, the President signed into law:

H.R. 452, the “Miracle on Ice Congressional Gold Medal Act,” which awards three Congressional Gold Medals to members of the 1980 U.S. Olympic Men’s Ice Hockey team;

H.R. 970, the “Fairness for Servicemembers and their Families Act of 2025,” which requires the Department of Veterans Affairs to periodically review the automatic maximum coverage under the Servicemembers’ Group Life Insurance program and the Veterans’ Group Life Insurance program;

H.R. 983, the “Montgomery GI Bill Selected Reserves Tuition Fairness Act of 2025,” which requires the Department of Veterans Affairs to disapprove courses of education provided by educational institutions that charge higher than in-state tuition to members of the Selected Reserves living in the state;

H.R. 1912, the “Veteran Fraud Reimbursement Act of 2025,” which improves repayment of veterans’ benefits misused by a fiduciary; and

S. 616, the “Foundation of the Federal Bar Association Charter Amendments Act of 2025,” which revises the Federal charter for the Foundation of the Federal Bar Association by allowing certain corporate requirements to be determined by the bylaws of the Foundation.

Today, our Nation celebrates the 280th birthday of John Jay—the first Chief Justice of the United States, a titan of American sovereignty, and a key architect of our laws, our foreign policy, and our glorious American independence. 

Born in New York City and raised with the timeless values of faith and civic duty, John Jay answered the call to public service at a moment when America was still fighting for its right to define itself.  As President of the Second Continental Congress, he played a central role in America’s struggle for independence, and after our victory in the Revolutionary War Jay helped to negotiate the Treaty of Paris—freeing us from tyranny and ensuring that American sovereignty was recognized all around the world.

Jay was also a central figure in molding the American constitutional order.  In 1787 and 1788, he took up his pen to author five essays of The Federalist Papers, articulating the eternal principles of justice that have defined our federal laws, our system of government, and our foreign policy for nearly 250 years—including his belief in a centralized Federal Government to protect the American people from the influence of nations overseas.  As the first Chief Justice appointed to the Supreme Court, he set in motion a judicial framework grounded in integrity, fairness, and the immortal promise of equal justice under the law.  And as one of our nation’s first great diplomats, the Treaty of Amity, Commerce, and Navigation that he negotiated with Great Britain kept America out of the French Revolutionary Wars and ensured a decade of peace for our fledgling nation.

He carried this same conviction from the national stage and into State governance as the second Governor of New York, where he oversaw the construction of roads and canals that supported the state’s early growth—laying a foundation that would shape major developments and lead to New York’s legendary skyline and resilient character in the generations that followed, a legacy I was proud to build upon.

As we prepare to celebrate 250 glorious years of American independence next year, we recognize John Jay’s lasting contributions to our government, our traditions, and our national character.  My Administration remains committed to preserving the principles he cherished so deeply—including that peace is preserved through strength, that our Nation’s foreign policy must always put America first, and that a nation without the rule of law ceases to be a nation at all.  Today, in John Jay’s honor, we reaffirm our commitment to liberty and justice for all and to carrying his extraordinary vision forward for years to come.

Happy birthday, John Jay!

PREVENTING A PATCHWORK OF AI REGULATIONS: Today, President Donald J. Trump signed an Executive Order to protect American AI innovation from an inconsistent and costly compliance regime resulting from varying State laws. 

• The Order directs the Attorney General to establish an AI Litigation Task Force to challenge unconstitutional, preempted, or otherwise unlawful State AI laws that harm innovation.
• The Order directs the Secretary of Commerce to publish an evaluation of State AI laws that conflict with national AI policy priorities and withhold non-deployment Broadband Equity Access and Deployment (BEAD) funding from any State with such AI laws. Other agencies are directed to consider whether to make an absence of similar laws, or a policy of enforcement discretion with respect to any existing such laws, a condition of applicable discretionary grant programs.
• The Order instructs the Federal Trade Commission and Federal Communications Commission to take actions that will limit States’ ability to force AI companies to deceive consumers, including determining whether laws that force companies to embed DEI into their models cause those companies to violate the Federal Trade Commission Act, and considering whether to adopt a Federal reporting and disclosure standard for AI models.
• The Order calls for the development of a national AI legislative framework that would preempt State AI laws that stifle innovation.

STRENGTHENING AMERICAN COMPETITVENESS: President Trump is acting decisively to ensure our great technological pioneers can compete on the world stage, ensuring America’s national security and economic prosperity in the age of AI.

• State legislatures have introduced over 1,000 different AI bills, creating a patchwork of rules, disclosures, and reporting requirements.
• States such as California and Colorado are considering requiring AI companies to censor outputs and insert left-wing ideology in their programming.
• Reducing the compliance costs and development burdens associated with varying state laws will lower barriers to entry in AI and enhance innovation, and ensure that American companies are not subject to restrictions that their international competitors do not face.
• The most restrictive States should not be allowed to dictate national AI policy at the expense of America’s domination of this new frontier.

ENABLING COMMON SENSE AI POLICY: The Trump Administration supports a common sense approach to AI policy. This means removing unnecessary red tape, updating out-of-date rules created before AI advancements, and clarifying new rules for certain sectors or use-cases.

• President Trump: “Investment in AI is helping to make the U.S. Economy the ‘HOTTEST’ in the World, but overregulation by the States is threatening to undermine this Major Growth ‘Engine.’ Some States are even trying to embed DEI ideology into AI models, producing ‘Woke AI’ (Remember Black George Washington?). We MUST have one Federal Standard instead of a patchwork of 50 State Regulatory Regimes. If we don’t, then China will easily catch us in the AI race.”
• The Trump Administration is committed to protecting the dignity, privacy, and safety of children in the digital age. In May 2025, President Trump signed the Take It Down Act, legislation championed by the First Lady to protect young Americans from deepfake exploitation online.
• The Order builds on President Trump’s record of promoting AI models that seek truth and accuracy. In July 2025, he signed an Executive Order preventing the federal government from using AI models that include ideological biases or social agendas.
• Today’s Executive Order delivers on President Trump’s AI Action Plan released in July 2025, which called for examining and removing onerous regulations that hinder America’s ability to lead in this key technology.  

PROTECTING AMERICAN INVESTORS AND RETIREMENT SAVINGS: Today, President Donald J. Trump signed an Executive Order to end the outsized influence of proxy advisors that prioritize radical political agendas over investor returns.

• The Order directs the Chairman of the Securities and Exchange Commission (SEC) to review and, as appropriate, rescind or revise all rules and regulations related to proxy-advisors that implicate “diversity, equity, and inclusion” (DEI) and “environmental, social, and governance” (ESG) priorities, as well as rules related to shareholder proxy proposals that are inconsistent with the policies in the Order.
  • It requires the SEC to enforce anti-fraud provisions in securities laws against proxy advisors with respect to their voting recommendations, consider requiring proxy advisors to register as investment advisers, consider requiring proxy advisors to provide increased transparency on conflicts of interest, examine whether proxy advisors serve as a vehicle for investment advisers to coordinate their voting decisions, and assess whether registered investment advisers breach their fiduciary duties by hiring proxy advisors to advise on, non-pecuniary factors in investing, including on factors such as DEI and ESG, and subsequently follow their recommendations.
• The Order directs the Chairman of the Federal Trade Commission (FTC), in consultation with the Attorney General, to determine whether proxy advisors are engaged in unfair methods of competition or unfair or deceptive acts or practices and to review ongoing state antitrust investigations into proxy advisors for violations of Federal antitrust law.
• The Order directs the Secretary of Labor to strengthen ERISA fiduciary rules and increase fiduciaries’ transparency regarding their use of proxy advisors, ensuring proxy advisors and plan managers act solely in the financial interest of American workers and retirees.

RESTORING CONFIDENCE IN THE PROXY ADVISOR INDUSTRY: President Trump is stopping foreign-owned proxy giants from using Americans’ 401(k)s, IRAs, and pensions to force leftist policies on U.S. companies.

• Two foreign-owned proxy advisors—Institutional Shareholder Services and Glass Lewis—dominate more than 90% of the proxy advisor market and routinely recommend votes for racial equity audits, aggressive GHG emission cuts, and other actions that are similarly designed to advance radical politically-motivated agendas like DEI and ESG.
• These firms’ clients often adopt the proxy advisor firms’ recommendations without independent analysis, giving proxy advisors enormous power over shareholder proposals, board composition, executive compensation, and other corporate governance matters at America’s largest companies.
• Their politically-motivated advice has prioritized ideological goals over maximizing returns for millions of hard working- and middle-class American investors.
• Conflicts of interest, lack of transparency, and one-size-fits-all voting policies have eroded trust and hurt the value of retirement savings for everyday Americans. 

BUILDING WEALTH FOR ALL AMERICANS: President Trump is enhancing financial opportunities and retirement security for all Americans, ensuring they can build wealth and thrive.

• On the campaign trail, President Trump vowed to “sign an Executive Order … to keep politics away from America’s retirement accounts forever. I will demand that funds invest your money to help you, not them, but to help you. Not to help the radical left communists, because that’s exactly what they are.”
• Through tax cuts and deregulation, President Trump is delivering on his promise to Make America Wealthy Again, empowering workers to save and invest more for their retirement.
• Under President Trump’s Working Families Tax Cuts Act, the vast majority of senior citizens will pay no tax on their Social Security benefits.
• President Trump signed an Executive Order to allow 401(k) investors to access alternative assets for better returns and diversification.

By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:

Section 1.  Purpose.  Unbeknownst to many Americans, two foreign-owned proxy advisors, Institutional Shareholder Services Inc. and Glass, Lewis & Co., LLC, play a significant role in shaping the policies and priorities of America’s largest companies through the shareholder voting process.  These firms, which control more than 90 percent of the proxy advisor market, advise their clients about how to vote the enormous numbers of shares their clients hold and manage on behalf of millions of Americans in mutual funds and exchange traded funds.  Their clients’ holdings often constitute a significant ownership stake in the United States’ largest publicly traded companies, and their clients often follow the proxy advisors’ advice. 

As a result, these proxy advisors wield enormous influence over corporate governance matters, including shareholder proposals, board composition, and executive compensation, as well as capital markets and the value of Americans’ investments more generally, including 401(k)s, IRAs, and other retirement investment vehicles.  These proxy advisors regularly use their substantial power to advance and prioritize radical politically-motivated agendas — like “diversity, equity, and inclusion” and “environmental, social, and governance” — even though investor returns should be the only priority.  For example, these proxy advisors have supported shareholder proposals requiring American companies to conduct racial equity audits and significantly reduce greenhouse gas emissions, and one continues to provide guidance based on the racial or ethnic diversity of corporate boards.  Their practices also raise significant concerns about conflicts of interest and the quality of their recommendations, among other concerns.  The United States must therefore increase oversight of and take action to restore public confidence in the proxy advisor industry, including by promoting accountability, transparency, and competition.

Sec. 2.  Protecting Investors from Politicized Advice.  (a)  The Chairman of the Securities and Exchange Commission (SEC) shall review all rules, regulations, guidance, bulletins, and memoranda relating to proxy advisors.  Consistent with the Administrative Procedure Act (APA) (5 U.S.C. 551 et seq.), the SEC Chairman shall consider revising or rescinding those rules, regulations, guidance, bulletins, and memoranda that are inconsistent with the purpose of this order, especially to the extent that they implicate “diversity, equity, and inclusion” and “environmental, social, and governance” policies.

(b)  Consistent with the APA, the SEC Chairman shall consider revising or rescinding all rules, regulations, guidance, bulletins, and memoranda relating to shareholder proposals, including Rule 14a-8 (17 CFR 240.14a-8), that are inconsistent with the purpose of this order.

(c)  The SEC Chairman shall:

(i)    enforce the Federal securities laws’ anti‑fraud provisions with respect to material misstatements or omissions contained in proxy advisors’ proxy voting recommendations;

(ii)   assess whether to require proxy advisors whose activities fall within the scope of the Investment Advisers Act of 1940 (15 U.S.C. 80b-1 et seq.) and the rules promulgated thereunder, to register as Registered Investment Advisers;

(iii)  consider requiring proxy advisors to provide increased transparency on their recommendations, methodology, and conflicts of interest, especially regarding “diversity, equity, and inclusion” and “environmental, social, and governance” factors;

(iv)   analyze whether, and under what circumstances, a proxy advisor serves as a vehicle for investment advisers to coordinate and augment their voting decisions with respect to a company’s securities and, through such coordination and augmentation, form a group for purposes of sections 13(d)(3) and 13(g)(3) of the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.); and

(v)    direct SEC staff to examine whether the practice of Registered Investment Advisers engaging proxy advisors to advise on (and following the recommendations of such proxy advisors with respect to) non-pecuniary factors in investing, including, as appropriate, “diversity, equity, and inclusion” and “environmental, social, and governance” factors, is inconsistent with their fiduciary duties.

Sec. 3.  Unfair, Deceptive, or Anticompetitive Practices.  (a)  The Chairman of the Federal Trade Commission (FTC), in consultation with the Attorney General, shall review ongoing State antitrust investigations into proxy advisors and determine if there is a probable link between conduct underlying those investigations and violations of Federal antitrust law.

(b)  The FTC Chairman, under the authorities provided in the Federal Trade Commission Act (15 U.S.C. 41 et seq.) and in consultation with the Attorney General, as appropriate, shall investigate whether proxy advisors engage in unfair methods of competition or unfair or deceptive acts or practices that harm United States consumers by:

(i)    conspiring or colluding, explicitly or implicitly, to diminish the value of consumer investments (including pensions and retirement accounts);

(ii)   failing to adequately disclose conflicts of interest;

(iii)  providing misleading or inaccurate information;

(iv)   undermining the ability of consumers to make informed choices; or

(v)    otherwise engaging in conduct that violates the antitrust laws as defined in 15 U.S.C. 12(a) or section 5 of the Federal Trade Commission Act (15 U.S.C. 45).

Sec. 4.  Protecting Pensions and Retirement Plans.  (a)  The Secretary of Labor shall, consistent with the APA, take steps to revise all regulations and guidance regarding the fiduciary status of individuals who manage, or, like proxy advisors, advise those who manage, the rights appurtenant to shares held by plans covered under the Employee Retirement Income Security Act of 1974 (ERISA) (29 U.S.C. 1001 et seq.), including proxy votes and corporate engagement, consistent with the policy of this order.  The Secretary of Labor shall consider whether these proposed revisions should include amendments to specify that any individual who has a relationship of trust and confidence with their client, including any proxy advisor, and who provides advice for a fee or other compensation, direct or indirect, with respect to the exercise of the rights appurtenant to shares held by ERISA plans, is an investment advice fiduciary under ERISA.

(b)  The Secretary of Labor shall take all appropriate action to strengthen the fiduciary standards of pension and retirement plans covered under ERISA.  Such action shall include assessing whether proxy advisors act solely in the financial interests of plan participants and the extent to which any of their practices undermine the pecuniary value of the assets of ERISA plans.

(c)  The Secretary of Labor shall take all appropriate action to enhance transparency concerning the use of proxy advisors, particularly regarding “diversity, equity, and inclusion” and “environmental, social, and governance” investment practices.

Sec. 5.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:

(i)   the authority granted by law to an executive department or agency, or the head thereof; or

(ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

(b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

(c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

(d)  The costs for publication of this order shall be borne by the Department of Labor.

                             DONALD J. TRUMP

THE WHITE HOUSE,

    December 11, 2025.

On Thursday, December 11, 2025, the President signed into law:

H.J. Res. 104, which nullifies a Bureau of Land Management rule relating to “Miles City Field Office Record of Decision and Approved Resource Management Plan Amendment”;

H.J. Res. 105, which nullifies a Bureau of Land Management rule relating to “North Dakota Field Office Record of Decision and Approved Resource Management Plan”;

H.J. Res. 106, which nullifies a Bureau of Land Management rule relating to “Central Yukon Record of Decision and Approved Resources Management Plan”;

H.J. Res. 130, which nullifies a Bureau of Land Management rule relating to “Buffalo Field Office Record of Decision and Approved Resources Management Plan Amendment”; and

H.J. Res. 131, which nullifies a Bureau of Land Management rule relating to “Coastal Plain Oil and Gas Leasing Program Record of Decision.”

By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:

Section 1.  Purpose.  United States leadership in Artificial Intelligence (AI) will promote United States national and economic security and dominance across many domains.  Pursuant to Executive Order 14179 of January 23, 2025 (Removing Barriers to American Leadership in Artificial Intelligence), I revoked my predecessor’s attempt to paralyze this industry and directed my Administration to remove barriers to United States AI leadership.  My Administration has already done tremendous work to advance that objective, including by updating existing Federal regulatory frameworks to remove barriers to and encourage adoption of AI applications across sectors.  These efforts have already delivered tremendous benefits to the American people and led to trillions of dollars of investments across the country.  But we remain in the earliest days of this technological revolution and are in a race with adversaries for supremacy within it. 

To win, United States AI companies must be free to innovate without cumbersome regulation.  But excessive State regulation thwarts this imperative.  First, State-by-State regulation by definition creates a patchwork of 50 different regulatory regimes that makes compliance more challenging, particularly for start-ups.  Second, State laws are increasingly responsible for requiring entities to embed ideological bias within models.  For example, a new Colorado law banning “algorithmic discrimination” may even force AI models to produce false results in order to avoid a “differential treatment or impact” on protected groups.  Third, State laws sometimes impermissibly regulate beyond State borders, impinging on interstate commerce.

My Administration must act with the Congress to ensure that there is a minimally burdensome national standard — not 50 discordant State ones.  The resulting framework must forbid State laws that conflict with the policy set forth in this order.  That framework should also ensure that children are protected, censorship is prevented, copyrights are respected, and communities are safeguarded.  A carefully crafted national framework can ensure that the United States wins the AI race, as we must.

Until such a national standard exists, however, it is imperative that my Administration takes action to check the most onerous and excessive laws emerging from the States that threaten to stymie innovation.

Sec. 2.  Policy.  It is the policy of the United States to sustain and enhance the United States’ global AI dominance through a minimally burdensome national policy framework for AI. 

Sec. 3.  AI Litigation Task Force.  Within 30 days of the date of this order, the Attorney General shall establish an AI Litigation Task Force (Task Force) whose sole responsibility shall be to challenge State AI laws inconsistent with the policy set forth in section 2 of this order, including on grounds that such laws unconstitutionally regulate interstate commerce, are preempted by existing Federal regulations, or are otherwise unlawful in the Attorney General’s judgment, including, if appropriate, those laws identified pursuant to section 4 of this order.  The Task Force shall consult from time to time with the Special Advisor for AI and Crypto, the Assistant to the President for Science and Technology, the Assistant to the President for Economic Policy, and the Assistant to the President and Counsel to the President regarding the emergence of specific State AI laws that warrant challenge.

Sec. 4.  Evaluation of State AI Laws.  Within 90 days of the date of this order, the Secretary of Commerce, consistent with the Secretary’s authorities under 47 U.S.C. 902(b), shall, in consultation with the Special Advisor for AI and Crypto, the Assistant to the President for Economic Policy, the Assistant to the President for Science and Technology, and the Assistant to the President and Counsel to the President, publish an evaluation of existing State AI laws that identifies onerous laws that conflict with the policy set forth in section 2 of this order, as well as laws that should be referred to the Task Force established pursuant to section 3 of this order.  That evaluation of State AI laws shall, at a minimum, identify laws that require AI models to alter their truthful outputs, or that may compel AI developers or deployers to disclose or report information in a manner that would violate the First Amendment or any other provision of the Constitution.  The evaluation may additionally identify State laws that promote AI innovation consistent with the policy set forth in section 2 of this order.

Sec. 5.  Restrictions on State Funding.  (a)  Within 90 days of the date of this order, the Secretary of Commerce, through the Assistant Secretary of Commerce for Communications and Information, shall issue a Policy Notice specifying the conditions under which States may be eligible for remaining funding under the Broadband Equity Access and Deployment (BEAD) Program that was saved through my Administration’s “Benefit of the Bargain” reforms, consistent with 47 U.S.C. 1702(e)-(f).  That Policy Notice must provide that States with onerous AI laws identified pursuant to section 4 of this order are ineligible for non-deployment funds, to the maximum extent allowed by Federal law.  The Policy Notice must also describe how a fragmented State regulatory landscape for AI threatens to undermine BEAD-funded deployments, the growth of AI applications reliant on high-speed networks, and BEAD’s mission of delivering universal, high-speed connectivity.

(b)  Executive departments and agencies (agencies) shall assess their discretionary grant programs in consultation with the Special Advisor for AI and Crypto and determine whether agencies may condition such grants on States either not enacting an AI law that conflicts with the policy of this order, including any AI law identified pursuant to section 4 or challenged pursuant to section 3 of this order, or, for those States that have enacted such laws, on those States entering into a binding agreement with the relevant agency not to enforce any such laws during the performance period in which it receives the discretionary funding.

Sec. 6.  Federal Reporting and Disclosure Standard.  Within 90 days of the publication of the identification specified in section 4 of this order, the Chairman of the Federal Communications Commission shall, in consultation with the Special Advisor for AI and Crypto, initiate a proceeding to determine whether to adopt a Federal reporting and disclosure standard for AI models that preempts conflicting State laws. 

Sec. 7.  Preemption of State Laws Mandating Deceptive Conduct in AI Models.  Within 90 days of the date of this order, the Chairman of the Federal Trade Commission shall, in consultation with the Special Advisor for AI and Crypto, issue a policy statement on the application of the Federal Trade Commission Act’s prohibition on unfair and deceptive acts or practices under 15 U.S.C. 45 to AI models.  That policy statement must explain the circumstances under which State laws that require alterations to the truthful outputs of AI models are preempted by the Federal Trade Commission Act’s prohibition on engaging in deceptive acts or practices affecting commerce.

Sec. 8.  Legislation.  (a)  The Special Advisor for AI and Crypto and the Assistant to the President for Science and Technology shall jointly prepare a legislative recommendation establishing a uniform Federal policy framework for AI that preempts State AI laws that conflict with the policy set forth in this order.

(b)  The legislative recommendation called for in subsection (a) of this section shall not propose preempting otherwise lawful State AI laws relating to:

(i)    child safety protections;

(ii)   AI compute and data center infrastructure, other than generally applicable permitting reforms;

(iii)  State government procurement and use of AI; and

(iv)   other topics as shall be determined.

Sec. 9.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:

(i)   the authority granted by law to an executive department or agency, or the head thereof; or

(ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

(b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

(c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person. 

(d)  The costs for publication of this order shall be borne by the Department of Commerce.

                             DONALD J. TRUMP

THE WHITE HOUSE,

    December 11, 2025.

The trade deficit has narrowed to its smallest since mid-2020, down more than 35% over last year — and more proof that President Donald J. Trump’s America First trade agenda is working.

Here’s what you need to know:

• U.S. exports are up 6% over last year — rising to their second-highest value on record — while Inflation-adjusted exports of consumer goods are the largest ever.
• The seasonally adjusted trade deficit with China has narrowed to its second-smallest since 2009.
• In the third quarter of 2025, real exports grew by a 4.1% annual rate and imports fell by around 5% — adding about 1% to real GDP growth.
• As President Trump delivers better terms for American workers, farmers, and manufacturers, November’s deficit was cut by more than half compared to the same month last year, fueled by soaring tariff revenues.

President Trump is delivering on his commitment to level the playing field after decades of weak trade policies allowed foreign countries to flood our markets with their goods while shutting their own markets to our producers.

• Since announcing his historic trade agenda in April, President Trump’s use of tariffs has given him unprecedented leverage to secure new and improved trade deals with major U.S. trading partners covering more than half of global GDP — including the United Kingdom, European Union, Japan, China, Republic of Korea, Indonesia, Malaysia, Thailand, Vietnam, Philippines, Cambodia, El Salvador, Ecuador, Argentina, Guatemala, Switzerland, and Liechtenstein.
• As President Trump pursues his bold commitment to an America First trade agenda, scores of companies have announced trillions of dollars in new investment as they onshore workers from foreign countries and create tens of thousands of new American jobs — positioning the U.S. as the dominant player for the jobs of the future.