Trump to order regulatory rollback Friday for finance industry starting with Dodd-Frank

Editor’s Note: The Executive Order, Core Principles for Regulating the United States Financial System, is attached here.

From: The Washington Post

President Trump plans to order a rollback Friday of regulations governing the financial services industry and Wall Street under the Dodd-Frank law and beyond, a White House source confirmed.

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National Affairs Emphasis on OIRA’s Management of the Regulatory State

National Affairs is a nationally recognized journal specializing in public policy issues. National Affairs, in conjunction with the Hoover Institution, held  a seminar on its seminal publication titled Policy Reforms for an Accountable Administrative State which was authored by leading experts in the field, Adam White, Oren Cass and Kevin Kosar.

The publication is a must read document for members of the  incoming Administration. CRE applauds the authors for their focusing on OIRA, the cockpit of the regulatory state. A number of informed studies have identified needed procedural and substantive improvements in the regulatory state but few recognize that no such improvements will occur unless there is a manager in place capable of implementing them.

Building A Nationwide Constituency for OIRA

As of December 31, 2016

Here are the results of a multiyear program to educate our citizenry of the important role played by the Office of Information and  Regulatory Affairs, OIRA, in the White House Office of Management and Budget.

A Synopsis

Progress on the Web 

Progress at Universities

The Repository

Lack of Stakeholder Support for OIRA

 

Restructuring of Centralized Regulatory Review?

Centralized regulatory review has been in operation for some forty five years, beginning with the implementation of the Nixon Quality of  Life Review.  If a decision were made to modify the existing process some of the reasons for such an action are  contained in this post.

A successful restructuring of centralized regulatory review will probably be dependent upon  the presence of policy entrepreneurs in the Executive Office of the President who among other things  develop a nationwide constituency for centralized regulatory review, if not for OIRA, see this post.

Historical Materials: Rules Not Submitted to the GAO and Congress under the Congressional Review Act

This article in the Wall Street Journal WSJ CRA has resulted in a number of inquiries regarding whether or not the CRA can be used to rescind rules whose promulgation were not properly reported to the Congress.

CRE utilized this mechanism some six years ago.

Relevant Background Materials:

CRS Report

Violation of CRA Introduced Into Litigation (II.B)

Are Denials for Review Under the Data Quality Act Subject to the CRA?

The utilization of the CRA to rescind or revise existing rules is an issue that is not going to fade into the sunset.

Trump nominee to head OMB could create hurdles for CFPB regulations

From: Ballard Spahr

It has been reported that President-elect Donald Trump has nominated South Carolina Republican Congressman Mick Mulvaney to be Director of the Office of Management and Budget (OMB).  Mr. Mulvaney has been described as a “staunch deficit hawk” and his nomination is viewed as sending a signal that federal regulations are likely to face tough scrutiny in a Trump administration.

House conservatives want Trump to undo regulations on climate, FDA, Uber

Editor’s Note: For practical guidance on how the Trump Administration can achieve its deregulatory intentions, see here.

From: The Washington Post

By David Weigel

Rep. Mark Meadows (R-N.C.), the incoming chairman of the conservative House Freedom Caucus, used a meeting with Donald Trump to deliver a list of 232 regulations that the incoming president could repeal immediately. “We felt like it was important to put together a real working document,” Meadows told CNN.

The list, shared by Meadows’s office, includes President George W. Bush’s order restricting access to executive branch papers and Federal Aviation Administration regulations that limit overland supersonic flights. The rationale for repealing that last regulation, in its entirety: “Make Sonic Boom Again.”

OIRA Options for the Trump Administration

Editor’s Note: We are very pleased with the reception our readers have had to the following post. In particular that the prestigious Notice and Comment website sponsored by two of the nation’s leading legal institutions, Yale Law School and The American Bar Association Section on Administrative Law, took the lead in the publication of the article.

The responses we have received have been so great that it now ranks in the top five publications of CRE as so noted in the Featured Items section of the CRE homepage. Although the primary target of the article are members of the incoming Administration we also realize that many of our readers either serve as advisors to these individuals or command influential positions which will bring them into contact with the said individuals.

The Congressional Review Act and Chevron Deference

Publisher’s Note: This website is visited frequently by the press, Congressional staff and agency staff. CRE accepts comments from named individuals as well as anonymous comments in the comment section below.

In the last several days considerable attention is being given to use of a sleeper act, the Congressional Review Act (CRA), as a mechanism for correcting a perceived tilt in the regulatory state. Simultaneously there is increasing attention to limiting the Chevron deference by the enactment of proposed legislation (Separation of Powers Restoration Act).

Recommendations from Former OIRA Administrators to the Incoming Administration

Publisher’s Note: This is a must read for students and supporters of a effective regulation.

This report contains a set of recommendations for the Trump Administration that, if implemented, would strengthen the process of regulatory review. These recommendations reflect the general consensus of a group of former OIRA Administrators and Acting Administrators who served under both political parties. These recommendations can be accomplished by executive action.