Trump Administration and BSEE Plan to Reopen Federal Waters to Offshore Drilling

A government agency created in response to the 2011 BP oil spill is proposing changes to its rules surrounding offshore drilling. The Bureau of Safety and Environmental Enforcement (BSEE) was established to replace the former Minerals Management Service (MMS) agency in response to its perceived conflict of interest and poor regulatory oversight. Since 2011, the BSEE focused exclusively on safety. Now it seems its changing its tune to promote more offshore oil and gas drilling.

Cannabusiness – Banking in California

In November of 2016 voters in California passed the Adult Use of Marijuana Act which legalized the sale and use of marijuana throughout the state, similarly to states such as Colorado and Washington. Starting January 1, 2018, it will be legal to go to a licensed dispensary and purchase marijuana for personal use, without needing a medical marijuana card. However, marijuana possession or use is still a federal offense; navigating the new law can be hazy.

Cybersecurity – Overview of Financial Services Initiatives

The disclosures of major security breaches in 2017 such as Verizon, Equifax, Uber, the National Security Agency and the Transportation Safety Administration increased consumer concern about the safety of their personal and financial data. These disclosures also contributed to renewed Congressional analysis of data security standards in the financial services sector and review of current federal and state regulatory regimes. Insider cyber threats have become security remains a threat as well. In August 2017, the Securities and Exchange Commission (“SEC”) announced insider trading charges against seven individuals who gained access to confidential merger and acquisition data through a technology consultant’s misuse of an investment bank’s new computer system. State actions, governmental agencies and the financial services industry are actively combatting the growth of cyber-security threats.

Changing Sentiment Surrounding NCAA Regulation

  NCAA regulation is highly restrictive of the compensation of amateur athletes. Recent class actions have challenged the equity of such policies in light of the high levels of revenue generated by the organization and schools. Challenges to NCAA regulation may provide student-athletes greater ability to negotiate their compensation and to make money independently.

FCC Proposes an End to Obama-Era Net Neutrality Rules

On November 21, 2017, FCC Chairman Ajit Pai announced his intent to roll back utility-style regulations on internet service providers promulgated in 2015. This issue will be called for a vote on December 14 at the FCC’s open meeting. President Obama pressured the FCC to promulgate rules to regulate the internet as a public utility and  preserve “net neutrality.” The FCC’s proposed repeal of these rules would restore internet service provider regulations to the framework established by the Telecommunications Act of 1996. This recent proposal has been divisive along party lines, and the FCC has reported receiving more than 22 million comments.

As Hollywood is Flooded with Sexual Misconduct Allegations, Special Task Force of Prosecutors Could Save the Day

In the midst of countless sexual misconduct allegations against some of Hollywood’s most powerful people, on November 9, 2017, Los Angeles District Attorney, Jackie Lacey, issued a statement outlining a plan of action. A special task force of veteran sex crimes prosecutors has been assembled to ensure a “uniformed approach to the legal review and possible prosecution of any case that meets both the legal and factual standards for criminal prosecution.” The Beverly Hills and Los Angeles Police Departments are conducting investigations of the accused as a rapidly increasing volume of sexual misconduct allegations are reported. Law enforcement and the special task force prosecutors are faced with legal and factual difficulties before any sexual misconduct allegations are sufficient for criminal prosecution. The legal elements of the alleged crime, the specific facts of each allegation, the existence of physical evidence, and the remedies available to the victims, are among the many convoluted factors that will dictate the ongoing investigations and prosecution of the allegations that are flooding Hollywood.

The Hazards of an Unregulated Cosmetics Industry

The cosmetics industry, unknown to many, is essentially not regulated by a federal regulatory agency. Cosmetics technically fall under the purview of the Food and Drug Administration (“FDA”), but there are few requirements that manufacturers must comply with. The FDA only requires that manufacturers comply with several labeling regulations so companies can avoid listing a product’s total ingredients, and the FDA does not require manufacturers to report health complaints. The FDA instead relies on direct reports of adverse events from consumers, which has the potential to delay remedying a potentially dangerous situation. A study published in JAMA Internal Medicine found that between 2015 and 2016, the number of complaints of adverse health results related to cosmetic products more than doubled from the previous years. Additionally, the FDA only has the equivalent of six full-time inspectors to monitor three million shipments of cosmetics that come into the United States each year. Last year, inspectors only conducted tests on about 364 of those shipments, and 20 % of those shipment that were inspected led to adverse findings.

Financial Institutions Join Forces for Vendor Management Compliance

Financial institutions often rely on outside vendors to provide information technology services.  While doing so often provides economic efficiency and quicker technological innovation, the risks associated with outsourcing information technology services are significant.  Institutions must develop strong vendor management programs to ensure the safety of their customer’s personal information. Several large financial institutions have come together to create a new consortium to perform vendor and partner due diligence.

Greenhouse Gas Emissions and Fuel Efficiency Standards for Medium-Duty and Heavy-Duty Vehicles

Under the Obama Administration, the EPA passed Greenhouse Gas Emissions and Fuel Efficiency Standards for Medium-Duty and Heavy-Duty Vehicles. The regulation aimed to reduce climate change-causing emissions from the transportation sector, particularly the pollution caused by trucks. However, following the voiced concerns of stakeholders in the glider and trailer industry, the Trump Administration has issued a notice of repeal of emission requirements for glider vehicles, glider engines, and glider kits.

Death and Taxes

As the president and the Republican Party inch closer to finalizing their proposed tax overhaul, one major proposed change is the repeal of the estate tax. The estate tax is a tax on an individual’s right to transfer property upon his or her death, usually to the individual’s surviving relatives or heirs. Currently, estates are taxed at a rate of 40% after the first 5.5 million. While the tax itself only impacts the wealthiest 0.2% of Americans, the inclusion or repeal of the tax in the Republican tax bill will affect Americans of all income brackets.