Republicans to Agencies: The Clock Has Struck 12

November 16, 2016 at 9:05 am 2 comments

cinderallaIn the fairytale Cinderella knows her night of magical powers ends when the clock strikes 12.  In the fairytale land of Washington real live people quibble over when midnight arrives.

Yesterday, House Republicans leaders sent a letter to all agency heads requesting that they halt promulgating regulations until President-Elect Trump takes office.   This is part politics as usual – a similar request was made by incoming President Obama in 2008.  But given the robust use of regulatory powers by the Obama Administration, it also makes a heck of a lot of sense.

In my ever so humble opinion, no administration this side of FDR has used its regulatory powers more aggressively than has the Obama Administration. In addition, he championed the creation of the CFPB with a single director authorized to exercise dictatorial control over every federal consumer protection law.

Whether you agree or disagree with these initiatives, it makes no sense for businesses to have to comply with the costs of implementing pending mandates from executive branch agencies until they know for sure what direction the new administration is going to take. For example, the Department of Labor’s decision to raise the threshold for exempt employees will be scaled back. In addition, If the CFPB ‘s director is answerable to President Trump its regulations limiting arbitration clauses and payday loans are on life support.

It is time for everyone to calm down, take a breath and stop imposing regulations to do nothing more than  score political points on the way out the door. I know this is politics as usual in D.C., but in case you haven’t noticed, politics as usual doesn’t exist anymore. The clock has struck 12:00

Entry filed under: General. Tags: .

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Authored By:

Henry Meier, Esq., General Counsel, New York Credit Union Association.

The views Henry expresses are Henry’s alone and do not necessarily reflect the views of the Association.

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