Administration Releases Sweeping Regulation Reform Proposal

On May 26, as part of the President's initiative to transform the current landscape of federal regulations into "a 21st century regulatory system," the Office of Management and Budget released for public comment 30 federal agencies' proposed plans to modify, streamline, or eliminate a wide range of existing regulations. Set forth below is a summary of key elements of the proposed regulatory modifications. The proposed plans are expected to be finalized in late August.

21st Century Regulatory System

Among the major initiatives of the President is a plan to overhaul the federal regulatory system so that it encourages job growth, innovation, and economic competitiveness while protecting consumers and public health. Accordingly, on January 18, 2011, President Obama set in motion a process to create what he terms the "21st century regulatory system."