No.
Congress enacted a law establishing the 121 pilot retirement age at 65. Period. They did not grant the FAA any authority to modify that in the future, in either direction.
That completely invalidated any conflicting FARs, which are merely bureaucratic suggestions.
USC > CFR. Always. FARs are CFR.
I assume that the FAA changed the FAR to match at some point, but I never looked because it doesn't actually matter if they did or not.
Regarding the administration, if Trump *wanted* to raise the age he would simply direct congress to pass a law to that effect, and they probably would. The troublesome GOP folks in the house tend to libertarian ideals, so I don't think they'd block it on principle. The dems would not filibuster over that, not sure what they're saving the filibuster for, but something much bigger than 67 (they didn't even bother with the BBB
). But I can't imagine the administration would want to raise it before ICAO (disruptive to business interests)... if they want it, they'll lobby ICAO first. Which seems like it might be in progress.