{"id":5365,"date":"2012-11-06T00:00:00","date_gmt":"2012-11-06T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2012\/11\/top_financial_regulators_speak"},"modified":"2022-04-28T13:41:43","modified_gmt":"2022-04-28T18:41:43","slug":"top-financial-regulators-speak","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/top-financial-regulators-speak\/","title":{"rendered":"Top Financial Regulators Speak Out Against Bill They Claim Gives the White House Authority Over Rulemaking"},"content":{"rendered":"\n<p>The heads of the Office of the Comptroller of the Currency, the Federal Reserve, the Securities and Exchange Commission, the Consumer Financial Protection Bureau, the National Credit Union Administration, and the Federal Deposit Insurance Corporation have sent a letter to Senators Susan Collins (R-Maine) and Joseph Lieberman (I-Conn) about bill S. 3468: Independent Agency Regulatory Analysis Act of 2012.  Lieberman is the chair of the Senate Committee on Homeland Security and Governmental Affairs, the committee to which S. 3467 has been referred. <\/p>\n<p>The regulators believe that, if approved, the legislation would give the White House \u201cunprecedented authority\u201d over independent agencies\u2019 rulemaking and policy functions. For example, would let the president of the United States mandate that independent agencies turn in proposed rules to the Office of Management and Budget for approval. It also would require the agencies to analyze the benefits and costs of new regulations, which is a process that they have up to now been exempt from. <\/p>\n<p>The letter reminds Lieberman and Collins, who is a ranking committee member and a cosponsor of the proposal, that Congress set up the independent regulatory agencies to exercise policymaking functions separate from any administration\u2019s control. By requiring that the agencies give their rulemakings to OMB\u2019s Office of Information and Regulatory Affairs, say the regulators, the president would gain power to affect the rulemaking and policy functions of these agencies, taking away that independence. They also believe that the bill gets in the way of their ability to make needed rules in a timely way, which would likely lead to litigation. <\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/top-financial-regulators-speak\/\"  title=\"Continue Reading Top Financial Regulators Speak Out Against Bill They Claim Gives the White House Authority Over Rulemaking\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The heads of the Office of the Comptroller of the Currency, the Federal Reserve, the Securities and Exchange Commission, the Consumer Financial Protection Bureau, the National Credit Union Administration, and the Federal Deposit Insurance Corporation have sent a letter to Senators Susan Collins (R-Maine) and Joseph Lieberman (I-Conn) about bill S. 3468: Independent Agency Regulatory [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3963],"tags":[],"class_list":["post-5365","post","type-post","status-publish","format-standard","hentry","category-securities-law-and-regulations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Top Financial Regulators Speak Out Against Bill They Claim Gives the White House Authority Over Rulemaking &#8212; Investor Lawyers Blog &#8212; November 6, 2012<\/title>\n<meta name=\"description\" content=\"The heads of the Office of the Comptroller of the Currency, the Federal Reserve, the Securities and Exchange Commission, the Consumer Financial Protection &#8212; November 6, 2012\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/top-financial-regulators-speak\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Top Financial Regulators Speak Out Against Bill They Claim Gives the White House Authority Over Rulemaking &#8212; Investor Lawyers Blog &#8212; November 6, 2012\" \/>\n<meta name=\"twitter:description\" content=\"The heads of the Office of the Comptroller of the Currency, the Federal Reserve, the Securities and Exchange Commission, the Consumer Financial Protection &#8212; November 6, 2012\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; 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November 6, 2012","twitter_description":"The heads of the Office of the Comptroller of the Currency, the Federal Reserve, the Securities and Exchange Commission, the Consumer Financial Protection &#8212; November 6, 2012","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/top-financial-regulators-speak\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/top-financial-regulators-speak\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Top Financial Regulators Speak Out Against Bill They Claim Gives the White House Authority Over Rulemaking","datePublished":"2012-11-06T06:00:00+00:00","dateModified":"2022-04-28T18:41:43+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/top-financial-regulators-speak\/"},"wordCount":575,"articleSection":["Securities Law and Regulations"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/top-financial-regulators-speak\/","url":"https:\/\/www.investorlawyers.com\/blog\/top-financial-regulators-speak\/","name":"Top Financial Regulators Speak Out Against Bill They Claim Gives the White House Authority Over Rulemaking &#8212; 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