Proposed “Volcker Rule,” expedited infrastructure projects, food marketing to children, and more.
- The Treasury Department, Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and Securities and Exchange Commission (SEC) released a proposal of the so-called “Volcker Rule” that would limit the investment activities banks can engage in, for example by banning proprietary investments using the bank’s own money.
- The SEC voted to propose rules that lay out the process by which major buyers and sellers in security-based swaps must register with the Commission.
- The Obama Administration will help move 14 infrastructure projects through an expedited permitting and environmental review process as part of its stated commitment to improving public and environmental safety and creating jobs.
- Federal Communications Commission (FCC) Chairman Julius Genachowski unveiled “Connect to Compete,” a public-private partnership which promotes effective broadband access for all Americans.
- The Federal Aviation Administration (FAA) granted a joint waiver request of Delta Air Lines and US Airways to allow the airlines to trade slots at New York LaGuardia Airport and Ronald Reagan Washington National Airport. The Department of Justice (DOJ) continued investigating whether the swap violates antitrust laws. See related The Regulatory Review essay.
- A Federal Trade Commission (FTC) official delivered an update to two subcommittees of the House Energy and Commerce Committee on nutritional principles an inter-agency working group is developing to guide industry self-regulatory efforts in marketing food to children.
- The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a final rule imposing reporting requirements on U.S. banks that work with foreign banks that engage with Iranian financial institutions. This rule implements part of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (CISADA).
- Environmental groups sued the Environmental Protection Agency (EPA) to challenge the agency’s rejection of stricter ozone rules. See related The Regulatory Review essay.
- During a Republican presidential candidate debate, former Massachusetts Governor Mitt Romney argued that government intervention in the marketplace is sometimes necessary, indicating that measures taken in 2008 helped “preserve our currency and maintain…our financial system.” See related The Regulatory Review essay.