The Trump administration is moving toward revising regulations governing the listing of endangered species and protections of habitat for the species.

The U.S. Fish and Wildlife Service and the National Marine Fisheries Service aren’t divulging details of their plan, but It is likely the proposed rule will include a rollback of regulatory actions issued late in the Obama administration to expand protections of critical habitat, attorneys told Bloomberg Environment. Developers, natural resource companies, local governments, utilities, and others may have much at stake.

The two agencies sent a proposed rule to the White House Office of Management and Budget (OMB)...