President Obama is preparing to unleash a wave of new regulations in 2016, as he looks to shore up his legacy on public protection issues during his final year in office.
The Securities and Exchange Commission, the Food and Drug Administration and the Department of Labor are all expected to finalize major federal rules that critics say are long overdue. The regulations include a final rule from the 2010 Dodd-Frank financial reform law that will force companies to compare the paychecks of their top executives with company performance, final rules for cigars and electronic cigarettes proposed well over a year ago and a final regulation to protect constructions workers from deadly silica dust.
Here’s a look at the top regulations expected to come from the administration in 2016.
Pay for Performance
The Securities and Exchange Commission (SEC) is expected to finalized its “pay for performance” rule that will force publicly traded companies to disclose how much their top executives are making and compare those paychecks with overall company performance.
The agency, which first proposed the rule in May, set an October 2016 deadline for the final rule in the semi-regulatory agenda last month. The SEC contends the rule will allow shareholders to make more informed decisions when electing directors.
Regulatory experts are expecting the Consumer Financial Protection Bureau (CFPB) to propose new rules in 2016 to protect consumers’ right to file or join a class action lawsuit against a financial company.
More and more companies are adding arbitration clauses to contracts that prevent a consumer from resolving a dispute through the court system. Instead, the language, which can often be found in credit card and cell phone contracts, typically states that disputes about a product can only be resolved by privately appointed individuals or arbitrators.
Dodd-Frank directed CFPB to do a study of arbitration agreements and issue a report of its findings to congress. After the agency completed the report in March, it announced plans to proceed with a rulemaking.
Industry and health groups may not agree on the rules, but both are exasperated by the delay in first-ever regulations from the Food and Drug Administration (FDA) for cigars and electronic cigarettes.
Health groups were frantic in the days leading up to the release of the $1.1 trillion government spending deal, fearing that industry had successfully lobbied for a change that would have exempted a many e-cigarette and cigar products from the restrictions.
Industry groups, however, came up empty-handed and will now wait to see if attempts to lobby the White House for last minute changes paid off. Industry groups are most concerned about a provision in the proposed rule that would require all products that hit store shelves after Feb. 15, 2007 to apply retroactively for approval, a process that companies say would put them out of business.
FDA originally said the final rules would be out last summer then changed the deadline to November. The White House Office of Management and Budget, which is reviewing the final rule, was still meeting with industry and health groups last week.
Obama can go fly a kite.
Or a broom, all the way into the sun.
All cigarettes and tobacco can be done away with for my part.I donot allow people to smoke in my home,auto,are anywhere on my property.I have been tobacco and nicotine free for 15 years now and I was a two pack aday.I started smoking when I was twelve years old.I have dipped,chewed,and smoked and now I don't.Thanks be unto God for my deliverance.
I owe my quitting to Walmart .my dr. had just told me that he was going to put a hook in my back to hang the oxygen tank on so that i could breathe if I did not quit. I went out side and as with all heavy smokers I lit up. finished and lit another half way through i had a color vision of being in Walmart and was looking at a lady in a blue and white kingom dress on a electric cart and was hanging over both sides by at least a foot. she had a large oxygen tank on her back and a mask . she was pulling the mask to one side and sucking on a large cigarette. I immediately put that last cigaret down and have not smoked another since. that was eight years ago. SO , Thank you Walmart
Oh yes I don't drink either nor allow someone who does around me when they are.
I don't think the govt. has the right to MAKE people quit smoking..or anything else.
Just like Communists, they are driven to tell everyone how, what, when and where to do any and everything.
This POS can take his regulations and shove them up his monkey ass! Time to put a human back in the W.H.
Extraordinary action is going to be required by We the People or this country is gone. Look to 1775.............hard choices had to be made, great risks and brave sacrifices were made as well. To stand by and do nothing insures defeat and the loss of everything we hold dear. We are under deadly attack from inside our own government structure and the chips are down. i am afraid the ball is in our court.
Them DO something