From the Congressional Research Service, a report on The Trump Administration and the Unified Agenda of Federal Regulatory and Deregulatory Actions. Wall Street has 27 billion reasons to back Trump. The Trump effect: Business, anticipating less regulation, loosens purse strings. Erik Erlandson writes in praise of red tape: The bureaucracy serves as a bulwark against hasty deregulation. Trump’s sham populism: One year ago, he was celebrating saving more than 1,000 Carrier plant jobs — how quickly things change. The biggest surprise of Trump’s first year is his hard-right economic policy.

Corey Robin on Trump’s fantasy capitalism: How the president undermines Republicans’ traditional economic arguments. Trump’s version of capitalism looks a lot like revenge — and it endangers our democracy. “The markets are happy”: Why Wall Street didn’t panic about democracy under Trump.