Investor and special adviser to the Trump administration Carl Icahn, along with the leading U.S. biofuel trade group, the Renewable Fuels Association, have provided a deal to the government revamping the Renewable Fuel Standard.

The proposed deal would give both parties a chance to change regulations, according to Bloomberg, citing people familiar with the matter.

The parties, including refiner Valero Energy (VLO - Get Report) and CVR Energy (CVI - Get Report) ,  gave the White House a memorandum containing draft language it could implement to direct the Environmental Protection Agency to make the changes.

Though the negotiations are ongoing, a presidential memorandum could be issued soon, according to people familiar with the matter, who declined to be identified.