By Julie Anderson
OMB will use the extra 30 days because of the importance of the regulation and the number of parties participating in its appraisal, the source said. During the review period, the Office of Information and Regulatory Affairs (OIRA) division of OMB consults with DOL and other White House entities such as at the Council of Economic Advisors, National Economic Council, and Domestic Policy Council.
These parties analyze possible impacts of the regulation and negotiate proposed changes before the rule is finalized. OIRA will adjudicate the comments from the other White House entities before approving the final regulation.
Here’s Why a New Obama Regulation Could Mean Trouble for Dave Ramsey and Suze Orman
The rule is currently under review by the White House Office of Management and Budget and could take effect as early as next month. President Barack Obama first proposed the rule in April 2015.
However, the proposed rule doesn’t just require disclosure of third-party payers but also expands the definition of a fiduciary, while also getting involved in an area previously reserved for the Securities and Exchange Commission.
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Introduced in Senate (12/08/2014) Senator Mike Lee S. 2988
Regulatory Cost Assessment Act of 2014 – Amends the Congressional Budget Act of 1974 to establish and enforce a federal regulatory budget.
Requires the Office of Management and Budget (OMB) and the Congressional Budget Office (CBO) to submit jointly to the President and Congress an analysis of the cost and economic effects of federal regulations, including recommendations for improvements to the regulatory budgeting process.
Requires CBO to submit: (1) a baseline projecting the federal regulatory cost over at least five fiscal years, (2) analysis of the regulatory cost of legislation reported by congressional committees, and (3) look-back reviews comparing CBO estimates with actual costs.
4/21/2016 Detroit News on a Regulatory Budget
4/19/2016 Weekly Standard publishes an article on the regulatory budget.
4/10/2016 Local North Carolina newspaper supports a regulatory budget.
4/8/2016 Cato sets the stage for a regulatory budget.
4/7/2016 New Boston Post explains the need for a regulatory budget.
4/6/2016 U.S. Regulatory Budgeting: Take a Page from Canada is online.
4/05/2016 Wayne Crews publishes an article in Forbes on the need for a regulatory budget.
4/04/2016 American Spectator publishes an article on the runaway cost of federal regulation.
From: Williams & Jensen
By Shane Doucet and Michael Kans
As part of the Obama Administration’s initiative to advance equal pay policies, on January 29, 2016, the Equal Employment Opportunity Commission (“EEOC”) released a proposal that would expand the information many private entities must report to the EEOC. Specifically, the proposed revision would require all employers with 100 or more employees (both private industry and federal contractors) to collect and report data on pay and hours-worked. . . .
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On one-year anniversary of Obama endorsement of the proposal, ICI sends letter to the OMB about DOL’s justification for the rule
By Melanie Waddell, Washington Bureau Chief, Investment Advisor Magazine
Letters of opposition continue flowing into the Office of Management Budget as it reviews the Department of Labor’s rule to change the definition of fiduciary on retirement advice.
The Investment Company Institute on Monday told OMB’s Office of Information and Regulatory Affairs (OIRA) that DOL’s rule must include “significant new data” in its regulatory impact analysis to support DOL’s “massive overhaul of the retirement marketplace” and said there were three major factual holes in the DOL’s proposal.
The regulatory rule-making for the removal of country-of-origin labeling (COOL) requirements for beef and pork muscle cuts, ground beef and ground pork has been logged for review at the Office of Management & Budget (OMB).
In December, Congress approved a fiscal 2016 catch-all federal spending bill that included repeal of the meat labeling provision of the COOL law in order to avoid trade retaliation from Canada and Mexico. OMB must review all regulations before they are implemented.
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From: Inside EPA
The White House Office of Management & Budget (OMB) is reviewing EPA’s draft formal response to Government Accountability Office (GAO) criticisms that the agency violated legal restrictions on use of appropriations in how it promoted its Clean Water Act (CWA) jurisdiction rule, says EPA Administrator Gina McCarthy.
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The controversy concerning the integrity of industry sponsored science has been going on for years. However what continues to be absent from the debate is the Data [Information] Quality Act which was passed some fifteen years ago with the intent of breaking this impasse.
More specifically the Act sets standards for all scientific data disseminated by any federal agency. In addition it sets standards for all data submitted to a federal agency by an outside party.
Why then has not this tie breaker entered in to the industry sponsored science debate? It is most certainly not because it is not needed.