For 2302 (primarily) a few links to recent stories regarding the federal bureaucracy and its rule-making authority.
- First, to patch up an omission in the notes, here is a link to the Office of Information and Regulatory Affairs, which is part of the White House's Office of Management and Budget and "was created by Congress with the enactment of the Paperwork Reduction
Act of 1980 (PRA). OIRA carries out several important functions,
including reviewing Federal regulations, reducing paperwork burdens, and
overseeing policies relating to privacy, information quality, and
statistical programs.'
- From the National Review, criticism of the newly created Consumer Financial Protection Bureau, which was created in the Dodd-Frank bill which itself was a response to the 2008 financial crash and the hunch by many that the crash was made possible by the removal of regulations that minimized the incentives for banks to make risky investments with deposits. The author reports on a conference which discussed whether the agency had sufficient checks on its activities, but seemed to accept the aide that reasonable regulations were needed. He also points out that Madison was concerned about the negative impact regulatory uncertainty can created in the private sector. The article also touches on the problems of regulatory capture and the revolving door.
-- The Rule of Law and the Administrative State.
-- Congress vs. Agencies: Balancing Checks and Efficiency: Gridlock, Organized Interests, and Regulatory Capture.
-- Federalist #62.
- From Reuters, comments on the difficulty of implementing the Dodd-Frank requirements that the derivative market be regulated. 60 regulations are required to be established by the Commodity Futures Trading Commission, and they must be justified by cost-benefit analyses, but this is apparently much more difficult to achieve than one might think.
-- Cost-Benefit Analysis and the Commodity Futures Trading Commission.
- From the Economist, more criticism of Dodd-Frank, and the general trend towards over-regulation and what impact it has on the economy.
- From the Huffington Post, a report on the ability of industry lobbyists to delay the implementation of the "silica rule" which is being considered by the Labor Department: The rule "would limit the amount of breathable silica dust to which workers in the
construction and mining industries are exposed. Crystalline silica dust
is found in sand and granite, and it has been known for decades to lead
to the respiratory disease known as silicosis.
Although the regulations would strengthen protections for workers,
they're expected to raise costs for businesses that mine or build with
materials involving silica."
- Worker Safety Rule Under Review at OIRA for Over a Year: A Tale of Rulemaking Delay.
- Click here for the status of the review.
