U.S. SEC chief concerned investors face “information overload”

From: Reuters

* White says some disclosures are obsolete, redundant

* Says historical share closing price may be unnecessary

* Sees no need for rule mandating cyber-attack disclosures

* Says executive compensation reporting is good, warns of overload

* SEC will undertake broad review of reporting rules

By Sarah N. Lynch

NATIONAL HARBOR, Md. Oct 15 (Reuters) – U.S. securities regulators are reviewing whether public companies overwhelm investors with “information overload” and should instead streamline disclosures about financial data, executive pay and dozens of other issues.

OIRA Chief Shelanski tells House Panel that Retrospective Review of Regulations is Informed by Executive Orders

From: Jim Hamilton’s World of Securities Regulation

In an atmosphere of increased congressional scrutiny of the cost and benefits of federal regulations, Howard Shelanski, the new Administrator of the Office of Information and Regulatory Affairs (OIRA), told the House Judiciary Committee regulatory reform subcommittee that the retrospective review of regulations is a crucial way to ensure that the regulatory system is modern, streamlined, and does not impose unnecessary burdens on the public. Even regulations that were well crafted when first promulgated, testified Mr. Shelanski, can become unnecessary or excessively burdensome over time and with changing conditions. The retrospective review of regulations on the books helps to ensure that those regulations are continuing to help promote safety, health, welfare, and well-without imposing unnecessary costs. Agencies filed their most recent retrospective review plans with OIRA in July.

Executive Branch Review of Federal Regulations — Still Highly Incomplete

From: OpenMarket.org/CEI

by Wayne Crews

In the 2014 fiscal budget proposal, the White House praised regulation of auto safety, energy efficiency and credit cards, and claimed, “In fact, the net benefits of regulations issued through the third fiscal year of the first term have exceeded $91 billion.”

Well, let’s look at that.

Rules officially reviewed by OMB represent a small proportion of the total since before the turn of the century.

In the regulatory at year-end 2012, according to the Regulatory Plan and the Unified Agenda of Federal Regulations, 63 federal departments, agencies and commissions had just completed or were at work on 4,062 rules and regulations at various stages of planning and implementation (pre-rule, proposed, final, completed).

Retrospective Review of Risk-Based Regulations

Retrospective Review of Risk-Based Regulations

The George Washington University Regulatory Studies Center 

&

The National Capital Area Chapter of the Society for Risk Analysis

Hart Senate Building, SH-902

Capitol Hill
Washington, DC
September 27, 2013

Too often, ex ante predictions of regulatory outcomes (reductions in health risks, benefits andcosts) are not verified with empirical data ex post. This conference will explore the possible reasons for this lack of ex post evaluation, and examine approaches to improve both the analytical tools for measuring outcomes of risk-reducing regulation, and the incentives to do so.

What’s government doing for you today? House legislators want to know

From: Gimby News Focus

Brooks Hays

Want to know the parameters of every single government program — how much it costs, who’s working on it, which Americans it benefits? According to a report by the Congressional Budget Office (CBO), getting all that information together will cost roughly $100 million over the next four years.

The CBO was asked to do the math by the House Committee on Oversight and Government Reform, which recently reviewed and sent a bill called the Taxpayers Right-To-Know Act to the floor for discussion by the rest of the House of Representatives.

Chafee Announces Release of the Regulatory Look Back Report

Editor’s Note: The importance of retrospective regulatory review is being recognized by State governments as well as by OIRA.

From: GoLocalProv.com

Anthony Faccenda, GoLocalProv News Contributor

As part of this Regulatory Reform Initiative, Gov. Lincoln Chafee has announced the release of the Period One Regulatory Look Back Report, which was issued by the Office of Management and Budget’s (OMB) Office of Regulatory Reform (ORR).

“This report is a step forward for regulatory reform and is the first time our state has taken on the tremendous task to look internally for improvements to the regulatory process,” Chafee said. “It is an encouraging start, and we will continue to move toward our goal of a simpler regulatory process and an improved business climate for our state.”

Regulatory lookback gaining traction, says new OIRA head

From: Fierce Government

By Zach Rausnitz

The new head of the White House Office of Information and Regulatory Affairs offered tentative praise for agencies’ efforts to review existing regulations during a House hearing July 24.

“I am satisfied that they are taking it seriously, but I want to be careful with the word ‘satisfied.’ I’m very  encouraged by the signs that I have seen,” Howard Shelanski told  the House Small Business Committee. Shelanski was confirmed as the new OIRA administrator on June 27, replacing Cass Sunstein.

Under an executive  order (.pdf) that President Obama issued in January 2011, agencies must  review regulations to find those that are duplicative, outdated or too costly.

Watch him pull a USDA-mandated rabbit disaster plan out of his hat

Editor’s Note: The press can be an influential regulatory review watchdog.

From: The Washington Post

By David A. Fahrenthold

In OZARK, Mo. — This summer, Marty the Magician got a letter from the U.S. government. It began with six ominous words: “Dear Members of Our Regulated Community . . .”Washington had questions about his rabbit. Again.

Marty Hahne, 54, does magic shows for kids in southern Missouri. For his big finale, he pulls a rabbit out of a hat. Or out of a picnic basket. Or out of a tiny library, if he’s doing his routine about reading being magical.

The National Rasin Reserve

From: The Washington Post

David A. Fahrenthold

One grower’s grapes of wrath

KERMAN, Calif. — In the world of dried fruit, America has no greater outlaw than Marvin Horne, 68.

Horne, a raisin farmer, has been breaking the law for 11 solid years. He now owes the U.S. government at least $650,000 in unpaid fines. And 1.2 million pounds of unpaid raisins, roughly equal to his entire harvest for four years.

So Did Nudging Work?

From: Slate

And would you know if you’ve been nudged?

By Graham Lawton

Cass Sunstein, nudge inventor and former White House official, explains how his nudges have helped Americans save for retirement and eat better. He co-wrote the best-selling 2008 book Nudge: Improving Decisions about Health, Wealth, and Happiness with Richard Thaler. His latest book Simpler: The Future of Government is about using behavioral science to transform government.

When you published Nudge in 2008, did you expect it to have so much influence? No. We were trying to write the best book we could. I was surprised and gratified that it got such attention.