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Overnight Regulation: House moves forward on commission to repeal rules | Trump looks to delay investment adviser rule

Overnight Regulation: House moves forward on commission to repeal rules | Trump looks to delay investment adviser rule
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Welcome to Overnight Regulation, your daily rundown of the news from the federal agencies, Capitol Hill, the courts and beyond. It's Wednesday evening here in Washington and we can't get over this strange Page Six story about the Bidens.

Here's the latest.

 

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THE BIG STORIES

The House passed a GOP-backed bill Wednesday that would create a bipartisan commission to review and identify rules to repeal.

The Searching for and Cutting Regulations that are Unnecessarily Burdensome (SCRUB) Act passed along party lines, 240-185.

While debating the bill on the floor Tuesday, Rep. Doug Collins (R-Ga.) said Congress must take steps to clean up regulatory schemes that have "run amok."

"It is time we identify and abolish those regulations that are pointless, those that prevent people from doing their jobs, and those that are inefficient and ineffective," he said.

President TrumpDonald John TrumpAppeals court OKs White House diverting military funding to border wall construction Pentagon: Tentative meeting between spy agencies, Biden transition set for early next week Conservative policy director calls Section 230 repeal an 'existential threat' for tech MORE would appoint, and the Senate would confirm, nine members to serve five-year terms to the proposed commission. The House Speaker and minority and majority leaders would be tasked with providing Trump with a list of possible candidates.

Opponents of the legislation claim creating the commission will cost taxpayers $30 million, only to dismantle long-established, science-based public health and safety protections. They also argue against giving such a panel unlimited subpoena power.

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"Along with bills that have already come to the House floor under this Republican Congress, as well as Donald Trump's executive actions mandating a regulatory freeze, this legislation demonstrates a continued attack on standards set in place to protect American families," Rep. Alcee Hastings (D-Fla.) said.

Proponents argue that a commission is needed to identify nonsensical regulations being enforced at the expense of innovators and job creators.

The House voted down Democratic amendments that would have exempted rules protecting student loan borrowers, rules relating to the enforcement of the Clean Air Act, rules that impact the federal government's relationship with tribal communities and another that protects whistleblowers. 

Rep. Elijah Cummings (D-Md.) argued that the commission will be duplicating work already done by agencies, saying the commission would focus on the cost of rules instead of their benefits. 

"If there is any doubt about it, one needs to look no further than the Cut-Go provision," he said, which requires agencies to find existing rules to repeal before issuing a new rule to offset the costs. 

The bill's sponsor, Jason Smith (R-Mo.) said the SCRUB Act mirrors and supports the president's actions.

"We are simply putting the tools in place to support what President Trump has already started," he said. Trump authored an executive order for the purpose of reducing regulations and controlling regulatory costs."

Here's the full story

 

The Trump administration is seeking to delay an Obama-era rule on investment advisers that is fiercely opposed by the financial industry.

The Labor Department proposed Wednesday to delay implementation of the so-called fiduciary rule, which broadly requires retirement advisers to act in the best interest of their clients.

The regulation, supported by liberals on Capitol Hill such as Sen. Elizabeth WarrenElizabeth WarrenCan Biden find a third way between Trumpism and Obama-era globalism? Left seeks to influence Biden picks while signaling unity Schwarzenegger says he would 'absolutely' help Biden administration MORE (D-Mass.), is aimed at preventing conflicts of interest where financial advisers push clients toward investment products that they receive commissions for.

But critics in the business world say the rule is overly broad and will have disastrous consequences, cutting off investment advice to people with lower incomes.

President Trump last month ordered the Labor Department to review the fiduciary rule to determine whether it would "adversely affect the ability of Americans to gain access to retirement information and financial advice" or whether the rule could result in an increase in lawsuits against financial advisers.

The Labor Department responded Wednesday by proposing to delay the implementation of the fiduciary rule from April until June, which will give the Trump administration more time to repeal the regulation.

Some financial firms, such as Merrill Lynch, have announced that they would begin complying with the Obama-era fiduciary rule regardless of what the Trump administration does.

Republican lawmakers voted to overturn the fiduciary rule last year under the Congressional Review Act, but then-President Obama vetoed that measure. 

Due to that, Trump's Labor Department would have to go through an entirely new rulemaking process to repeal the fiduciary rule, a process that could take months to complete.

Read more here.

 

ON TAP FOR THURSDAY 

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The Senate Commerce, Science and Transportation Subcommittee on Communications, Technology, Innovation and the Internet will hold a hearing to look at the value of spectrum to the U.S. economy.

The Energy and Commerce Subcommittee on Health will hold a hearing to look at the Food and Drug Administration's generic drug and biosimilar user fee programs. 

The House Oversight and Government Reform Committee will hold a hearing to discuss transparency at the Transportation Security Administration.

 

TOMORROW'S REGS TODAY

--The Department of Labor will postpone a workplace safety rule on beryllium.

The Labor Department's Occupational Safety and Health Administration (OSHA) issued new limits on exposure to beryllium during the final days of the Obama administration. 

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The rule was scheduled to go into effect later this month, but OSHA says it will delay the rule until May 20.

"This additional delay will allow OSHA officials the opportunity for further review and consideration of the new regulation," the agency says.

The public has 10 days to comment.

--The Environmental Protection Agency (EPA) will delay new financial requirements for coal miners.

The EPA proposed the financial requirements for the "hard rock mining industry" under President Obama, but will extend the comment period by four months to give the public more time to consider the changes.

The public has until July 11 to comment.

 

NEWS RIGHT NOW

Trump touts 'historic' deregulatory efforts in address to Congress

Trump officials seek to delay Obama rule on investment advisers

OSHA delays major Obama-era workplace rule

Senate confirms Zinke to lead Interior

GOP report: Feds use too-big-to-fail 'arbitrarily and inconsistently'

FCC votes to block internet privacy rule

House panel to markup ObamaCare repeal bill next week, lawmaker says

Trump to sign order next week on Obama's coal moratorium, climate rules

Trump takes hatchet to EPA

Trump EPA budget plan taking aim at climate, clean-up accounts: report

Lawmakers push to lift cap on passenger fees for airport upgrades

Schumer asks FCC for waiver to trace Jewish center bomb threats

Bernie Sanders to march with Nissan protesters

Supreme Court: Lower court must review challenge to Va. redistricting 

For a guy who hates regulation, Trump sure is proposing a huge one (Business Insider)

 

BY THE NUMBERS

12: Proposed rules

4: Final rules

(Source: Thursday's Federal Register)

 

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) early and often for the latest. And send any comments, complaints or regulatory news tips our way, tdevaney@thehill.com or lwheeler@thehill.com. And follow us at @timdevaney and @wheelerlydia.

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