As the Treasury Department’s Financial Crimes Enforcement Network has found, certain virtual currency businesses are money service businesses. Typically such money service businesses engage in money transmission and as a result must acquire a money transmitter license in each state in which they do business.
There are two important unintended consequences of raising the federal contractor minimum wage: first, it can adversely affect the most vulnerable workers; and second, the rule as currently stated could be enforced in a manner so that its impact would extend to far more businesses than originally intended.
From time to time the FCC must reexamine the justifications for its rules. In light of the many industry changes since these rules were promulgated, the FCC should repeal these rules and others. The FCC cannot fix all of the regulatory distortions in the video marketplace, but repealing network nonduplication and syndicated exclusivity rules is an excellent first step.
This public interest comment estimates the range of annual benefits (costs avoided) associated with e-cigarette use as $15.6 billion to $49.2 billion and that 2.4 million to 6.4 million smokers may potentially become ex-smokers by using e-cigarettes. Estimates are based on a range of quit rates from the current literature and assume all smokers interested in quitting use e-cigarettes. Even a fraction of estimated benefits (costs saved) are substantial. These estimates indicate the FDA is jeopardizing public health by not estimating benefits associated with e-cigarettes using data from readily available studies on their efficacy as harm-reduction tools.
Notwithstanding the DACA recommendations for a reconstituted communications competition agency, Congress should also consider alternatives such as abolishing the FCC entirely and relying on antitrust agencies or merging the FCC’s responsibilities with the Federal Trade Commission.
Pursuant to the Nutrition Labeling and Education Act (NLEA) of 19901 and the Dietary Supplement Health and Education Act (DSHEA) of 1994,2 the Food and Drug Administration (FDA) issued regulations requiring food and dietary supplement products to display labels declaring their nutrient content. The regulations specified the format for nutrition labeling as well as the reference values to use in declaring the nutrient content.
The Nutrition Labeling and Education Act of 1990 (NLEA) gives the FDA authority to regulate information displayed on food products and describes how a lack of certain types of information would be considered misbranding.1 Two rules, sharing one preliminary regulatory impact analysis (PRIA),2 have been proposed based on the authority granted by NLEA.3 The first rule covered by the PRIA, titled “Food Labeling: Revision of the Nutrition and Supplement Fact Labels” (NPRM1), includes a laundry list of potential changes that are designed to “assist consumers in maintaining healthy dietary practices.”4 The changes required are numerous and involve changes to labels, increases in recordkeeping, and new analytic requirements.
The Environmental Protection Agency (EPA) is proposing new source performance standards (NSPS) for residential wood heaters, wood-fueled pellet heaters, Hydronic Heaters, Forced-Air Furnaces, and Residential Masonry Heaters. According to the EPA, these new lower-emission standards will generate improvements to the environment and to public health, primarily through the lowering of the emissions of pollutants like particulate matter, carbon monoxide, and volatile organic compounds. The EPA believes these pollutants contribute to increases in human mortality and other health problems.
Former senior Federal Communications Commission (FCC) officials Gerald Faulhaber and David Farber noted without irony that US spectrum policy resembles GOSPLAN, the Soviet planning agency that distributed scarce inputs to producers in every sector of the Soviet economy. The woeful inefficiencies and waste resulting from the current system of regulatory allocation are predictable, yet avoidable.
The F. A. Hayek Program for Advanced Study in Philosophy, Politics and Economics at the Mercatus Center invites you to a panel discussion featuring Peter Leeson and his new book, Anarchy Unbound: Why Self-Governance Works Better Than You Think.
One of the President’s major regulatory oversight offices is the Office of Information and Regulatory Affairs. Agencies can take a “cooperate with OIRA” approach or an “avoid OIRA” approach when they pursue new regulatory initiatives. Understanding agency avoidance tactics is an important step in deciding whether and how to shift agency incentives away from avoidance and toward cooperation.