Feb
27

A free-market agenda Maxine Waters can support

Editor’s Note: See also  Unwarranted Deputization: Increased Delegation of Law Enforcement Duties to Financial Institutions Undermines American Competitiveness.

From: Politico | The Agenda

By DIEGO ZULUAGA

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Next, Waters’ committee should review the 1970 Bank Secrecy Act. The BSA was aimed at curbing money laundering, the process of turning funds earned through illegal activities into legitimate-looking assets such as real estate. Banks are required to file reports on every cash transaction over $10,000 and some above $5,000 — a compliance nightmare for small banks, accounting for nearly a quarter of their regulatory costs.

Feb
13

White House Emphasizes Data Quality, Consensus Standards, OIRA Review in Regulating Artificial Intelligence

Editor’s Note: See also An Updated Look at the Federal Policies Governing How Agencies Use Voluntary Consensus Standards in Regulatory, Procurement, and Science Documents.

From: Lawfare and White House

Document: Executive Order on Artificial Intelligence

By Matthew Kahn

On Monday, President Trump issued the following executive order on artificial intelligence. The White House provided a summary of the order, and the full order is below.

Executive Order on Maintaining American Leadership in Artificial Intelligence

By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered as follows:

Feb
12

New Recommendations and Two (!) Separate Statements (ACUS Update)

From: Notice & Comment | A Blog from the Yale Journal on Regulation and the ABA Section of Administrative Law & Regulatory Practice

by Emily Bremer

The Administrative Conference recently published its newest slate of recommendations, which the Assembly adopted at its 70th Plenary session, held in December 2018. Two of the recommendations drew separate statements from members of the Assembly.  As I have previously explained, separate statements are permitted by the Administrative Conference Act (5 U.S.C. 595(a)(1)) and the agency’s bylaws, but they are rare.  For one Plenary to draw two separate statements is unusual indeed!

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Feb
07

Administrative Procedure Act Limitations: Process and Oversight Shortcomings

From: Competitive Enterprise Institute

Clyde Wayne Crews

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Costs of A Regulatory Bell That Tolls for All. While the lucky may dodge direct regulation for a time, every company has business suppliers and business customers, and effects propagate sooner or later. Fixed, difficult-to-change regulations bind all of society—not just the target firm(s) and the market wealth-creating process—to suboptimal conditions. Eventually, given the interconnectedness of business (supply chains, business customer networks) the regulatory bell tolls for all, apart from other indirect effects of specific rules. Airline regulation affects companies other than airlines; pulling strings in one sector can entangle partners and other sectors, sideline entrepreneurship, and impoverish. At unpredictable times, it may become apparent that regulation affecting rivals will eventually boomerang, and that may be the impetus for reform.

Jan
31

Administrative Procedure Act Limitations: Cost Measurement and Disclosure

From: Competitive Enterprise Institute

Clyde Wayne Crews

***

It is important to oversee the process. The Administrative Procedure Act of 1946 (APA) set up the foundation of the public consultation rulemaking procedure.  Beyond it, there are tools like the central White House review process historically rooted in President Ronald Reagan’s 1981 Executive Order 12291 on “Federal Regulation,” and guidance to agencies like Office and Management and Budget’s Circular A-4.

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Jan
25

The Coming Digitization of the Regulatory Environment

From: Nextgov

By Mark Forman

Here’s what the U.S. can learn about digitizing regulations from two of the largest economies.

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Government CIOs around the world should take note. If the World Bank and key reformers have it right, digital government strategies need to include digitization of regulatory approaches, removing barriers to economic growth and focusing efforts on violators rather placing equal burdens on all companies in an industry.

Jan
02

Reining in regulatory dark matter

From: The Hill | Opinion

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Agencies are already required to contribute to transparency reporting through the twice yearly “unified agenda of federal regulatory and deregulatory actions” for recent and upcoming regulations. The agenda lists rules that go through the standard rulemaking process, but not guidance documents. An executive order should require the agenda to include guidance and other agency subregulatory directives. Each guidance document should also be classified as either “regulatory” or “deregulatory” to make their individual impacts easier to determine.

Dec
27

Financial Stability Oversight Council Calls for Regulatory Reform

Editor’s Note: The following is a brief excerpt from the FSOC 2018 Report. The complete report is available here.

From: Financial Stability Oversight Council

2018 Annual Report

3.12 Regulatory Efficiency and Effectiveness

While the regulatory environment has contributed
to improvements in financial stability and the
resiliency of financial institutions since the financial
crisis, new regulations have also raised concerns
about increased compliance costs and regulatory
burdens for financial institutions, especially for
smaller institutions.

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The Council recommends that federal and state
financial regulators continue to work together
to evaluate regulatory overlap and duplication,
modernize outdated regulations, and, where
authority exists, tailor regulations based on the size
and complexity of financial institutions.

Dec
12

Managing the Monster

From:

Lawmakers should be trained to limit excessive regulation.

One of President Donald J. Trump’s earliest executive orders, like those of many of his predecessors, was devoted to reducing regulatory burdens. This goal was not exceptional; most developed jurisdictions around the word have similar ambitions. The United Kingdom, for example, has established a policy that calls for eliminating three regulations for every one new regulation—although this policy is not implemented in practice. Canada and Australia have legislation dedicated to reducing regulation. Similarly, the European Union has an entire body devoted to regulatory reduction; related EU guidance notes are over 600 pages long.

Dec
10

Building Capacity for Economic Analysis at Independent Agencies

From: The Regulatory Review

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The administrator of the Office of Information and Regulatory Affairs (OIRA), Neomi Rao, has argued that regulations from independent agencies should be subject to the same economic analysis standards and review procedures as regulations from executive branch agencies. Sixteen state governors and attorneys general signed a letter requesting that President Donald J. Trump issue an executive order to accomplish that goal. Former OIRA administrators of both political parties agree. Requiring economic analysis and OIRA review is also one of the statutory regulatory process reforms that enjoys bipartisan support in Congress. Legal scholars like Cass Sunstein, Jonathan Masur and Eric A. Posner predict that federal courts will eventually adopt the doctrine that it is arbitrary for an agency to ignore economic factors if the authorizing statute does not prohibit the agency from considering them.

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