Three stories for 2302 students to chew on:
1 - The Food and Drug Administration eases rules in order to deal with the shortages of two cancer drugs. Key part of the story:
There is a years-long backlog of applications for new generic drugs at the F.D.A. because the government does not have the money to hire enough reviewers to analyze the applications or inspectors to visit the facilities, many of them abroad. The generic drug industry tired of waiting for Congress to fully finance the F.D.A.’s generic drug office and this year proposed providing the agency with $299 million in annual fees to finance the review process.
- The Food and Drug Administration (Wikipedia)
- From Wikipedia: History of the Food and Drug Administration.
2 - The Securities and Exchange Commission is worried that energy companies are over estimating their natural gas reserves. Recent rules changes loosened the process companies used to claim how much natural gas they were able tap into. Since these affect the value of a company's stock, there is an incentive to over estimate. Some would like those rules reversed.
- The Securities and Exchange Commission (Wikipedia)
- History.
3 - Is Obama preparing midnight regulations in case he is defeated in November? These would be ways to preserve programs he has passed while in office. Somethimes these are more difficult to rescind than you might think.
4 - The Economists argues that Ameica is both over and poorly regulated:
America needs a smarter approach to regulation. First, all important rules should be subjected to cost-benefit analysis by an independent watchdog. The results should be made public before the rule is enacted. All big regulations should also come with sunset clauses, so that they expire after, say, ten years unless Congress explicitly re-authorises them.
More important, rules need to be much simpler. When regulators try to write an all-purpose instruction manual, the truly important dos and don’ts are lost in an ocean of verbiage. Far better to lay down broad goals and prescribe only what is strictly necessary to achieve them. Legislators should pass simple rules, and leave regulators to enforce them.
