Archive for July, 2019

SEC Finalizes Most Expensive Regulation of Trump Era

From: American Action Forum

Dan Goldbeck, Dan Bosch


The driver of the week was the SEC rule regarding “Regulation Best Interest: The Broker-Dealer Standard of Conduct.” The rule is SEC’s attempt to update certain investor protections in light of the demise of the Department of Labor’s (DOL) “Fiduciary Rule.” The American Action Forum’s Thomas Wade explained the proposed version here. There is some controversy over whether or not this rule is the proper replacement for DOL’s previous regulation, but there’s no denying that it establishes quite the administrative regime in-and-of itself. In examining simply the paperwork burdens involved, SEC estimates that the price tag for this rule is “approximately $27.5 billion.” Of course, SEC is an independent agency outside of the direct control of the White House and not subject to the regulatory budget under Executive Order (EO) 13,771. Nevertheless, it is a remarkable total given the overall regulatory trends of the past couple of years.

Reining In Government by Dear Colleague Letter: An Update

Editor’s Note: For more on the confluence the OIRA’s memorandum on guidance document and the ACUS study of guidance documents, see the discussion here @ 2:48:33. 

From: Cato

By Walter Olson


On April 11, the White House Office of Management and Budget tightened another means of control when it issued guidance (irony alert) about the duty of agencies, including traditionally independent agencies, to notify OMB’s Office of Information and Regulatory Affairs well in advance of publishing new rules to ensure compliance with the Congressional Review Act. The guidance makes clear that “rule” can sometimes include “guidance documents, general statements of policy, and interpretive rules” that do not go through a conventional rulemaking process.

Guidance Documents of the Week

Editor’s Note: OIRA “has issued a directive to federal agencies requiring that all guidance documents be submitted to OMB before they are promulgated. … Of particular note are agencies that have issued guidance documents and never listed them on their website as directed by OMB in an earlier directive.” See The Resurrection of the Congressional Review Act.

From: Competitive Enterprise Institute

Sean Stewart


This week we look at documents from the National Archives and Records Administration (NARA) and National Aeronautics and Space Administration (NASA).

ABA AdLaw Section Summer Brownbag Series: Regulation of Social Media?

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

These two ABA AdLaw Section brownbags look terrific and timely:

Summer Brown-Bag Series
Section of Administrative Law & Regulatory Practice
Regulatory Policy Committee