Compliance into the Weeds-Episode 68-End of Regulatory Guidance?
In this episode Matt Kelly and myself take a deep dive into the weeds of the recent remarks by Neomi Rao, head of the Office for Information and Regulatory Affairs (OIRA), the Administration’s top regulatory review office outlining ambitious plans for more deregulation in 2018 – including efforts to sweep independent federal agencies into her purview and to crack down on the “sub-regulatory” guidance that corporate compliance professionals consume all the time. The talk was given before the Brookings Institute and she touted the 2 for 1 kill order for new regulations the Administration heralded last year and claimed that over 1500 planned regulations had been pulled from review.
For the compliance practitioner, this may all be much ado about nothing or more simply Rao and the Administration is simply Waiting for Godot to arrive as both the SEC and regulations relevant to military, national security, or foreign policy are exempt. New regulations required by statute are exempt.is exempt from the guillotine of which Rao speaks. However, it does cause one to ponder if the 2012 FCPA Guidance and 2017 Evaluation of Corporate Compliance Programs would have been released under this new system of hari-kari.