A Number of Congressional Mandates Require OMB Review of CFTC Regulations

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.

CFTC REG Review 2 


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