Week in Review

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British Petroleum agrees to billion-dollar oil spill settlement, FDA asks for legislation on compounding pharmacies, and more.

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  • British Petroleum agreed to plead guilty to felony charges and pay $4.5 billion in penalties to the U.S., including $1.26 billion in criminal fines, stemming from the 2010 Deepwater Horizon disaster, while separately the Department of Justice announced indictments of two BP supervisors in connection with the disaster See related The Regulatory Review essay.
  • Financial regulators announced a willingness to entertain modification of the capital requirements under the Basel III Accords that would make it easier for small banks to comply. See related The Regulatory Review essay.
  • California auctioned carbon emissions permits as part of its new, statewide cap-and-trade program.
  • The FDA posted on its website reports of injuries or fatalities that might be related to consumption of so-called five-hour energy drinks.
  • China announced that significant industrial projects must now undergo a “social risk assessment” in an effort to reduce public unrest.