In the attached letter to OMB, Commissioner O’ Malia of the CFTC has requested OMB review of a Commission’s regulation.
OMB not only has the constitutional authority to conduct such a review but in a number of instances Congress has passed specific legislation that directs OMB review of the regulations of independent agencies. To this end CRE has written a step- by-step method to guide OMB is the discharge of its responsibilities.
The essence of the CRE approach is:
Proposed CRE Program for OMB Review of Independent Agency Regulations . . . . .
Step 1: Targeting Independent Agency Regulations for Review Through the Unified Regulatory Agenda.
Step 2: Reviewing Targeted Independent Agency Regulations During the Course of Paperwork Reduction Act Review
Step 3: Submission of RARG-Type Review Under the Administrative Procedure Act
Step 4: Third Party Enforcement under the Administrative Procedure Act and the Data Quality Act.
Affected parties should demand that the CFTC and OMB discharge their attendant responsibilities as required by law.