The CFPB, federal banking regulators and consumer groups have all voiced their opposition to Senate Bill 3468, the “Independent Agency Regulatory Analysis Act of 2012.” The bill would allow the President to require all independent agencies to undertake numerous additional steps and analyses as part of the rulemaking process.
In a letter sent to the chairman and ranking member of the Homeland Security and Governmental Affairs Committee (which would be charged with marking up the bill), the CFPB, Fed, SEC, OCC, FDIC and NCUA contend the bill would give the President unprecedented authority to influence rulemaking by independent agencies.… Continue Reading