From the Web: ‘GOP in Uncharted Territory Rolling Back Rules Through Resolutions’
10/30/2017 8:00 AM
Regulatory challenges against the Consumer Financial Protection Bureau, among other agencies, are growing under the Congressional Review Act.
The rollback of Obama-era regulations by Republicans in the 115th Congress, such as the Consumer Financial Protection Bureau’s arbitration rule, is setting the stage for an “unprecedented campaign” with a long-term impact, The Hill reports.
The GOP has repealed 14 rules from the previous administration since President Donald Trump took office, according to the article.
“Under the procedure that Republicans are using, a federal agency is barred from issuing a ‘substantially similar’ regulation in the future without an act of Congress,” The Hill reports. “Whether the GOP can rule out future action, however, remains to be seen. The whole process, based on the 1996 Congressional Review Act (CRA), is uncharted territory.”
It’s unclear whether the CRA will prevent agencies such as the CFPB from issuing similar rules in the future, but Dan Goldbeck, a senior regulatory policy analyst at the conservative American Action Forum, told The Hill it’s “unlikely” they will try.
“I think a lot of it has to do with scarcity of resources,” he said. “If you are going to devote so much time and energy and staff in recrafting another version only to be shot down, that’s taking away from other priorities that may be more efficient and useful,” Goldbeck said.
Follow ACA on Twitter @ACAIntl and @acacollector or Facebook for news and event updates. ACA’s LinkedIn Group includes news updates, member discussions, event promotions, jobs and more. Visit the group page and request to join today. Subscribe to ACA Daily, Collector magazine and update your email subscription preferences by visiting the publications page. ACA members can get email notifications when each new digital issue of Collector magazine is available by logging in here; members and nonmembers can also purchase a print subscription. Nonmembers can create a guest profile on ACA’s website to subscribe to available publications.