Republicans May Soon Target Informal Regulatory Actions: Toomey

By McKendry, Ian | American Banker, March 31, 2017 | Go to article overview

Republicans May Soon Target Informal Regulatory Actions: Toomey


McKendry, Ian, American Banker


Byline: Ian McKendry

WASHINGTON -- With slim odds of getting eight Democrats to support major Dodd-Frank Act reforms, Republicans will have to use other measures to make changes to the 2010 reform law, Sen. Pat Toomey, R-Pa., said Thursday.

"I don't see much prospect in getting eight Democrats" to support "big things," Toomey told an audience at the U.S. Chamber of Commerce.

Toomey said that one tool will be the Congressional Review Act, which allows Congress, through a majority vote, to roll back rulemakings that were finalized in the last 60 legislative days. Republicans have already used the law to repeal more than a dozen rules that were finalized in the waning days of the Obama administration, but Toomey said "the clock runs out on formal rulemakings" soon.

"We are rapidly approaching what we can do" using the Congressional Review Act, he said.

But Toomey said that the "statute is very clear" that informal rulemakings are eligible for the review act as well.

"Sometimes it happens through the issuance of other devices, guidance letters, for instance, agency Frequently Asked Questions, financial institution letters," Toomey said. "These kinds of actions have the power of a rulemaking, which is the same as saying they have the power of law. They exist outside the traditional rulemaking."

Toomey said that Congress can ask the Government Accountability Office to determine whether a piece of guidance or a letter has the power of law and that if GAO determines that it does, then it would be subject to Congressional review, and could be repealed by a majority vote.

Toomey told reporters after his speech that he is already in the process of reviewing "several" pieces of guidance that have been issued by financial regulators and "we are in the process in determining if we can get a GAO determination. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

Republicans May Soon Target Informal Regulatory Actions: Toomey
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.