Editor’s Note: The letter from the North American Securities Administrators Association (NASAA) to Sen. Lieberman and Sen. Collins is attached here. The letter states that by requiring independent agencies “to submit proposed rules to the White House Office of Management and Budget’s Office of Information & Regulatory Affairs (OIRA) for review prior to their being finalized” the legislation “could have profound, chilling affects on the ability of independent regulatory agencies to adopt rules that effectively protect the investing public.”
The views of the NASAA stand in opposition to the determination by eight consecutive Administrations that the public is best served by White House oversight of federal regulations. It needs to be noted that no new legislation or Executive Order is necessary for OIRA to review the regulations of independent agencies. See OIRA Watch Editor’s Note here for more information.