News | 04.16.19
Trump Administration Puts Potential New Hurdle in Path of Regulation Best Interest
Last week, the Trump administration's Office of Management and Budget (OMB) issued a memo establishing guidelines for agencies, including the SEC, to comply with the Congressional Review Act when promulgating regulations. Under the process outlined in the memo, agencies would have to submit upcoming rules to the Office of Information and Regulatory Affairs at least 30 days before they are publicly released so that the office can determine whether they will have an economic impact of $100 million or more. The SEC's Regulation Best Interest would likely fall under the mandate. Subjecting the proposal to the OMB process could delay its implementation, say analysts.
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