Category:Uncategorized
To Compete or to Non-Compete: A Look Into the FTC’s Proposed Ban
On January 5, 2023, the Federal Trade Commission (FTC) released a proposal to ban employers from the use of non-compete agreements with their workers. The FTC’s motivation behind the proposed rule is the protection of American workers, with the regulatory agency stating that non-compete agreements restrict about one in five American workers – about 30 million people. Additionally, the agency estimated that the rule could increase wages by $250 to $296 billion a year across the economy. Since seeking public comment on the ban, the FTC’s broad non-compete proposal has been met with both support and criticism.
ChatGPT Artificial Intelligence: Cybersecurity Risks and Ethical Concerns
From “Fake news” to misinformation and Bots; it has become overwhelmingly challenging to authenticate information on the internet. This has not stopped the evolution of technology as innovators compete to be on the cutting edge of the latest software. OpenAI is an artificial research and deployment company that is responsible for the launch of ChatGPT in November of 2022. The newly released artificial intelligence chatbot is trained to generate realistic and convincing text. The software was fed human literature and internet language enabling it to create a body of text within the parameters of the prompt presented. With more than 1 million users, it has gained traction across the masses. However, the natural language processor has sparked controversy over cybersecurity threats and ethical concerns in its usage.
Expansion of Generic Labeling for Food
The United States Department of Agriculture (USDA) and Food Safety and Inspection Service (FSIS) has loosened the approval for labels on meat, poultry, and egg products. By March 2023, the process for approval of certain labels on certain food products will essentially be discontinued under the Expansion of Generic Labeling Rule.
Regulatory Ecosystem Post-FTX (SBF) Disaster
From “How are institutions and companies investing in crypto” and “Sequoia Capital launches $500 million fund to invest in crypto” to “FTX files for bankruptcy” and “Sequoia Capital marks down its $210 million crypto investments to $0” – the crypto market capitalization skydived from $3 trillion in November 2021 to $881 billion, experiencing a 71% freefall in just one year.
Major household names such as FTX, BlockFi, Celsius, Genesis, TerraLuna, Three Arrows Capital, and Voyager all evaporated within days after public recognition of corporate issues including capitalization and intra-firm lending. Last summer’s TerraLuna and Voyager bankruptcies foreshadowed the debacle to come. However, enthusiasts remained naively optimistic until the shockwave of FTX’s evaporation led to the collapse of an entire market. Investors rushed to withdraw their investments only to see their accounts already frozen or funds already missing. Before it is too late, either the Commodities Futures Trading Commission (CFTC) or the U.S. Securities and Exchange Commission (SEC), or the agencies jointly together, should take action on this volatile decentralized market.
Improving the Biosimilar and Generic Drug Approval Process
Andrew Thompson Senior Editor Loyola University Chicago School of Law, JD 2023 As discussed previously here and here, patent evergreening and patent thickets are key drivers of prescription drug prices that also operate as a barrier to entry which blocks generic manufacturers from placing lower-cost alternatives on the market. This post will examine how newly …
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New Incentives from the DOJ to Urge Companies to Self-Report Crimes
In an action meant to incentive companies to self-report their wrongdoings, the Justice Department (DOJ), has announced big changes to its Corporate Enforcement Policy (CEP). The Department of Justice has long been fighting against corporate criminality in its pursuit to maintain the integrity of the financial market. On January 17, Assistant Attorney General Kenneth A. Polite, Jr., announced revisions to the Criminal Division’s Corporate Enforcement Policy. Some of the revisions include up to a 75 percent reduction in fines for companies that voluntarily report their wrongdoings and fully cooperate with investigations and up to a 50 percent reduction for companies that fully cooperate with investigations even if they do not voluntarily disclose the crime. These incentives further soften the aggressive stance that the Biden administration originally took against Corporate America in 2021.
Fighting the Climate Crisis and Public Health Problems: A Step in the Right Direction
On December 20, 2022, the Environmental Protection Agency (EPA) finalized a regulation that will require heavy-duty trucks and vehicles to adopt new, more stringent standards in order to reduce smog and pollution. The EPA implemented this measure as part of its Clean Trucks Plan, a three-year plan, created to reduce emissions from heavy-duty vehicles, in hopes of addressing the climate crisis and improving public health. The new standards set by this regulation are stronger than the current ones by more than 80%. Nonetheless, many are disappointed that the regulation is not as stringent as they had hoped for.
Affordable Housing: No Oversight, No Progress
Originally passed in 2003, the Illinois Affordable Housing Planning and Appeal Act (AHPAA) requires cities with populations of at least 1,000 residents and less than ten percent affordable housing to submit their affordable housing plans to the state. Gail Schechter sits on the Illinois Housing Appeals Board, but she has never heard a case. The board was brought together in 2009 and fully appointed by Governor Pat Quinn in 2012 to provide checks and balances while Illinois communities create affordable housing. Affordable housing developers who believe they have been treated unfairly or rejected by a municipality are given a chance to appeal a city’s decision to reject their project. However, developers are not utilizing the appeals process. According to Schechter via WBEZ, “a developer just wants to do business. If they can’t build what they want to build, they’ll go to another community.”
The Case for Expanding Privacy Protections in a Post-Roe World
In Dobbs v. Jackson Women’s Health Organization (Dobbs), the US Supreme Court ruled that abortion is not a fundamental right protected by the Constitution. This decision resulted in additional abortion protections in California, Michigan, and Vermont, and prompted many patients, providers, regulators, and tech companies to rethink data privacy. However, because most abortions are still banned in at least 13 states, this patchwork of state abortion laws, combined with the lack of any sufficient national privacy law, puts patient privacy at risk.
The Tax Gap and What it Means for Taxpaying Entities
Every three years, the Internal Revenue Service (IRS) releases the estimated gross tax gap calculated for the three years prior. Recently, the estimated tax gap for the years 2014 to 2016 was revealed to be $496 billion. This startlingly high number represents a continuing trend of noncompliance by American taxpayers that feeds into the federal budget deficit.