04.12.19
White House Moves to Tighten Control over Federal Regulators
by: Victoria Guida
The White House on Thursday moved to curb the power of federal regulators, directing them to submit nonbinding guidance documents to the White House for review, a step that could slow down the enactment of any rule with a potentially large impact on the economy. A memo from acting Office of Management and Budget Director Russell Vought would vastly broaden Congress's ability to reject such guidance, subjecting the documents to the same scrutiny as regulations that carry the force of law. The memo says that agencies, including the SEC, should regularly notify the Office of Information and Regulatory Affairs of upcoming guidance, along with determinations of whether it qualifies as “major.”
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