Regulatory news in review
- Under a new Federal Reserve rule, which implements the 2008 Truth in Lending Act, the compensation of mortgage brokers may no longer be based on a mortgage’s rate or terms.
- A bipartisan group of Congressional lawmakers are drafting legislation to implement many of the recommendations of President Obama’s deficit reduction commission, possibly including reducing mortgage interest deductions. See related The Regulatory Review essay.
- Judge Gladys Kessler of the D.C. District Court upholds the constitutionality of the individual mandate to purchase health insurance in the Patient Protection Affordable Care Act of 2010. See related The Regulatory Review essay.
- The General Assembly of Virginia passes a bill requiring any facility that performs first-trimester abortions to be licensed and regulated by the Virginia Board of Health, which will likely require them to meet the structural and architectural requirements of ambulatory surgical centers.
- The U.S. Consumer Product Safety Commission plans to launch on online database of consumers’ product safety complaints on March 11, 2011. Some members of Congress express concern that it reportedly “will be bloated with bogus, inaccurate or misleading reports.”
- The Environmental Protection Agency (EPA) releases a final rule providing standards for boilers and some incinerators under the Clean Air Act.
- In response to President Obama’s Executive Order, “Improving Regulation and Regulatory Review,” the EPA is holding a public meeting on March 14, 2011 to obtain input on its plan to review existing regulations. See related The Regulatory Review essay.
- Wal-Mart bans products containing Polybrominated Diphenyl Ethers (PBDEs), flame-retardant chemicals believed to be toxic to humans and the environment, ahead of the EPA’s planned rulemaking on the issue.
- After planning to revoke its approval of Avastin, a drug used to treat breast cancer, the Food and Drug Administration grants a hearing to Genentech in which it will have the opportunity to persuade the FDA to hold off.
