Friday, March 8, 2013

An inside look at the rulemaking process

When we covered the executive branch in both 2305 and 2306 we discussed the rulemaking process, which is the way that executive agencies charged with implementing the law are able to clarify the meaning of legislation in order to facilitate implementation.

In this discussion we mentioned that interest groups try to - actually must - intervene in this process in order to ensure that their interests are served by those rules, in the same way that they intervene in the legislative process in order to make sure that the law itself reflects their interests.

Here's an inside look at how representatives of the major commodities exchanges in the nation worked to influence how the U.S. Commodity Futures Trading Commission interpreted a simple sounding phrase in the Dodd-Frank bill passed in 2011.

This story also applies to our discussion of interest groups.