OVERNIGHT REGULATION: Budget seeks more funds for Wall Street watchdogs
February 2, 2015
Welcome to OVERNIGHT REGULATION, your daily rundown of rules from Capitol Hill and beyond. It's budget Monday here in Washington as the Obama administration makes its case to the Republican-controlled Congress for more money in fiscal 2016.
THE BIG STORY
President Obama's $4 trillion government-funding proposal for fiscal year 2016 could hit Wall Street hard.
Several years removed from the financial crisis, Wall Street reform will continue to be a top priority for the Obama administration in the coming years.
The new Republican majority in Congress is determined to push back against key provisions of the Dodd-Frank financial reform laws. But the White House threatened to "fight attempts to roll back Wall Street reform" in its budget proposal Monday.
The Obama administration is calling for major funding increases for two federal agencies that are most responsible for implementing Dodd-Frank.
The Securities and Exchange Commission is requesting a $1.7 billion budget, which would be an increase of 15 percent from the current year.
Meanwhile, the Commodity Futures Trading Commission (CFTC) is requesting $322 million -- an even steeper 29 percent increase.
ON TAP FOR TUESDAY
The House Judiciary Committee will hold a hearing on immigration enforcement. http://1.usa.gov/
The Senate Foreign Relations Committee will hold a hearing to discuss the impact of the Obama administration's new Cuba policy on human rights and democracy there. http://1.usa.gov/
TOMORROW'S REGS TODAY
The Obama administration will publish 181 new regulations, proposed rules, notices and other administrative actions in Tuesday's edition of the Federal Register.
Here's what to watch:
--The Consumer Product Safety Commission (CPSC) will consider new regulations for extension cords.
Under the Consumer Product Safety Act, indoor and outdoor extension cords would face new standards for wire size, strain relief, polarity and continuity.
Extension cords that do not meet the standards would be deemed hazardous, because they "pose a risk of electrical shock or fire," the agency says.
The public has 75 days to comment. http://bit.ly/1uRc97L
--The Food and Drug Administration (FDA) will issue new rules for defibrillators that doctors and paramedics use on unresponsive patients to restart their hearts.
Automated external defibrillators are facing new premarket approval requirements from the FDA.
The changes go into effect immediately. http://bit.ly/
--The Department of Labor and the Federal Trade Commission will initiate regulatory reviews of significant rules they have issued.
The Labor Department is inviting the public to point out regulations in need of modernizing, expanding, or repealing. http://bit.ly/
The Federal Trade Commission will release its regulatory review schedule for the next decade. http://bit.ly/1Dybay0
--The Fish and Wildlife Service (FWS) will make changes to a rule protecting possibly endangered Island Marble butterflies.
The FWS last year initiated a status review and requested more information from the public as it considered a petition to list the butterfly as endangered.
The FWS is now correcting mistakes it made at the time. The public has an additional 60 days to comment. http://bit.ly/1AjEXN6
--The National Oceanic and Atmospheric Administration (NOAA) will consider protections for the Flower Garden Banks National Marine Sanctuary.
The protections would address concerns about the "impacts of anchoring, safe access by fishers and divers, damage as a result of unregulated activities, and the need to protect unique features in these areas," the agency says.
The public has 60 days to comment.
NEWS RIGHT NOW
Guns in schools? A Colorado state lawmaker who survived the Columbine shooting as a student is pushing a bill that would allow teachers to carry firearms. http://bit.ly/
Pot politics: Marijuana advocates say they were not scared away by Attorney General nominee Loretta Lynch's anti-pot comments during her Senate confirmation hearing last week. http://bit.ly/1699iAM
Football: Some companies used Super Bowl commercials to draw public attention to hotly-debated national issues like cyber-bullying and domestic violence. http://bit.ly/
Body cameras: The Department of Justice's budget seeks millions of dollars for to expand the use of police body cameras and for more immigration judges. http://bit.ly/1wZEloC
HIV: The Centers for Medicare and Medicaid Services (CMS) plans to cover routine HIV testing. http://bit.ly/1tGUx2W
Super Bowl beers: Football fans were encouraged by labor groups to drink only "union beers" like Budweiser and Miller during Super Bowl parties. http://bit.ly/15QFKYG
We'll work to stay on top of these and other stories throughout the week, so check The Hill's Regulation page (http://thehill.com/regulation
And send any comments, complaints or regulatory news tips our way, tdevaney@thehill.com or l
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