^®: CRE Regulatory Action of the Week

Executive Order 13707 of September 15, 2015 Using Behavioral Science Insights To Better Serve the American People
On September 15, 2015, President Obama ordered government agencies to use behavioral science insights to "better serve the American people." In his executive order, Obama instructed federal agencies to identify policies and operations where applying findings from behavioral science could improve "public welfare, program outcomes, and program cost effectiveness," design strategies for using behavioral science insights, and recruit behavioral experts whenever considered necessary or helpful. This order reflects the evidence that scholars across a variety of fields -- from behavioral economics to psychology to behavioral decision research -- have accumulated in recent years that people often fail to make rational choices.