Tag:Regulation
Got (Plant-Based) Milk? New FDA Guidance for Plant-Based Milk
Plant-based milks have been on the rise congruently with the movement towards living a plant-based diet and lifestyle. The FDA calls these products Plant-Based Milk Alternatives (PBMA). There are many different PBMA’s on the market, because there are a wide array of sources that can be used to produce PBMA’s and methods for processing. Some of the most popular examples of PBMA’s include oat milk, almond milk, and soy milk, but there are many PBMA’s made from other nuts, seeds, and alternative sources. PBMA’s are currently in the news because the FDA has just released draft labeling guidance (guidance) and recommendations for nutrition fact labeling. This draft guidance applies to any PBMA that uses “milk” in its name. The FDA’s draft labeling guidance will likely help educate more consumers on PBMA’s and their nutrition facts, hopefully leading to generally more informed consumers and labeling transparency.
The U.S. Department of Treasury Steps in to Patrol Petroleum
The US Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned nine entities involved in the production, sale, and shipment of Iranian petrochemicals and petroleum to buyers in Asia, in violation of US sanctions. Six Iran-based petrochemical manufacturers and three firms in Malaysia and Singapore have been targeted for facilitating the sale and shipment of petroleum and petrochemicals on behalf of Triliance Petrochemical Co. Ltd., which OFAC previously designated for facilitating the sale of Iranian petroleum products. The sanctions are aimed at targeting Tehran’s sources of illicit revenue, and all property and interests in property of the targeted entities must be blocked and reported to OFAC.
Federal Safeguards Against Drug Shortages
From October 2022 to January 2023, there was a nationwide Adderall shortage. This recent shortage is no surprise since the Food and Drug Administration (FDA) has announced several Adderall shortages since 2019. Although the recent shortage has ended, researchers fear there will be more Adderall shortages in the coming year as prescribing rates continue to rise. More importantly, the recent shortage has made patients worried about future shortages and concerned about why the federal government has not done more to prevent drug shortages.
Kraken Settles with the SEC in a $30 Million Deal
Sophie Shapiro Associate Editor Loyola University Chicago School of Law, JD 2024 Kraken will pay $30 million to settle SEC (Securities and Exchange Commission) allegations that it broke the agency’s rules with its cryptoasset staking products and will discontinue them in the United States as part of the agreement with the regulator. What is Kraken? …
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U.S. Sanctions Nine Companies Involved in Iranian Oil Operations
Hannah Newman Associate Editor Loyola University Chicago School of Law, JD 2024 On February 9, 2023, the United States imposed sanctions on companies accused of producing, selling, and shipping hundreds of millions of dollars’ worth of Iranian petrochemicals and petroleum. Iran, a major producer of hydrocarbons, holds some of the world’s largest deposits of oil …
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A Concerning Combination: Heavy Metals and Baby Food
On January 24, 2023, the Food and Drug Administration (FDA) announced their plans to work towards drafting regulation to limit lead levels in baby food. The FDA has found that lead in products such as food, supplements, and cosmetics can have detrimental and long term effects on humans, and especially on certain groups such as young children. Young children are specifically vulnerable to harmful effects of lead consumption because they are still physically smaller and going through development. While the FDA has regulated lead in food and other products, the FDA’s recent focus on decreasing lead levels in baby food highlights the concerning trend of federal regulations which are under-inclusive.
Coinbase Global Inc. Settlement Raises More Questions for Financial Regulators
On January 4th, 2023, the New York State Department of Financial Services made public that a $100 million settlement with the cryptocurrency exchange Coinbase Global Inc. (Coinbase) has been agreed to. The settlement follows an enforcement action imposed this past August aiming to regulate cryptocurrencies. With a lot of discussion happening given the recent collapse of FTX and anti-money laundering violations by Robinhood Markets, this action begs the question: should the digital currency industry be regulated nationwide and, if so, what should these regulatory agendas look like?
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.”
Congress Trades on Trust
When Nancy Pelosi releases financial disclosures related to stock trades, those disclosures are filed with the Clerk of the House of Representatives. The Clerk publishes all financial disclosures on clerk.house.gov under the “disclosures” tab. Shortly thereafter, Pelosi’s stock trading disclosures are re-published on TikTok and Reddit where Zoomers and Millennials are copying all of her trades. According to a Pelosi spokesperson, she does not “personally own any stocks and that the transactions are made by her husband”. The Stock Act requires Pelosi to disclose these transactions within 45 days due to the fact that they are made by a member of her immediate family.
Federal Trade Commission Accuses Chegg of “Careless” Data Security
On Monday, October 31, the U.S. Federal Trade Commission (FTC) called on education technology provider Chegg, Inc. (Chegg) to bolster its data security, citing lax security practices that regulators said exposed the personal data of more than 40 million Chegg users. The exposed personal information included names, email addresses, passwords, and for certain users, sensitive scholarship data such as dates of birth, parents’ income range, sexual orientation, and disabilities.